Business Wire | Page 1032

: Business Wire; Posted On Nov 05, 2021

Forum Energy Technologies Announces Third Quarter 2021 Results

Revenue of $141 million, a 3% sequential increase
Orders of $176 million, up 11% sequentially and book-to-bill ratio of 1.25
Net loss of $12 million and diluted EPS of negative $2.05
Adjusted EBITDA of $7 million, a 9% sequential increase
$10 million share repurchase program authorized

HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced third quarter 2021 revenue of $141 million, an increase of $4 million from the second quarter 2021. Net loss for the quarter was $12 million, or $2.05 per diluted share, compared to a net loss of $22 million, or $3.87 per diluted share, for the second quarter 2021. Excluding special items, adjusted net loss was $2.25 per diluted share in the third quarter 2021 compared to an adjusted net loss of $2.66 per diluted share in the second quarter 2021. Adjusted EBITDA was $7 million in the third quarter 2021, an improvement of approximately $1 million from the second quarter 2021.

Special items in the third quarter 2021, on a pre-tax basis, included $4 million of foreign exchange gains partially offset by $3 million of restructuring, transaction and other costs. See Tables 1-5 for a reconciliation of GAAP to non-GAAP financial information.

The board of directors has authorized a share repurchase program for the repurchase of outstanding shares of the company's common stock having an aggregate purchase price of up to $10 million. Shares may be repurchased under the program from time to time, in amounts and at prices that the company deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. The program may be executed using open market purchases pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in privately negotiated agreements, by way of issuer tender offers, Rule 10b5-1 plans or other transactions.

Cris Gaut, Chairman and Chief Executive Officer, remarked, “Our orders and backlog continued to build in the third quarter with an 11% sequential increase in orders and a 1.25 book-to-bill ratio. This growth was led by orders for new product offerings in our stimulation and intervention product line and continued growth in subsea capital equipment orders. Our order flow has increased each of the last five quarters and has nearly doubled on a year-over-year basis. FET revenue of $141 million was impacted by ongoing and widespread supply chain delays, and COVID related disruptions for our customers' field operations.

“FET EBITDA of $7 million represents a 9% sequential increase, and a $17 million improvement compared to the third quarter 2020. The growth in our Subsea product line and market share gains in our artificial lift product offering are particularly noteworthy.

“Despite the impact of ongoing supply chain disruptions and cost inflation, we have a strong backlog and are beginning to see the benefits of pricing improvements. As a result, we forecast fourth quarter revenue to be between $145 and $155 million and EBITDA of $9 to $11 million. Furthermore, we expect a constructive market environment to support our outlook for continued growth in 2022.

“We ended the third quarter with $257 million principal amount of debt outstanding and net debt of $206 million. In the third quarter, we amended our ABL credit facility to, among other things, extend the maturity to September 2026, subject to certain exceptions, and reduce the facility size to $179 million. With this extension and the Senior Notes maturity in August 2025, we now have ample runway and liquidity to continue to execute our strategic initiatives.

“The $10 million share repurchase program authorized by our board of directors represents approximately 8% of our current equity market capitalization. It demonstrates the confidence we have in the company's business model, strong product offering and future prospects, including our growing exposure to the energy transition.”

Segment Results

Drilling & Downhole segment revenue was $63 million and orders were $83 million, an increase of 3% for each from the second quarter 2021. The increase in revenue and orders was due to subsea capital equipment sales for international customers, and higher demand for artificial lift products and drilling capital equipment in connection with increasing activity levels. Segment adjusted EBITDA was $9 million, a $2 million sequential increase resulting from the higher revenue levels and favorable sales mix. Drilling & Downhole operations focus primarily on capital equipment and consumable products for global drilling, well construction, artificial lift and subsea markets.

Completions segment revenue was $50 million, a 7% sequential increase driven by higher demand from our pressure pumping service customers and increased sales of coiled tubing due to higher well completions. Orders were $60 million, a sequential increase of $12 million, or 26%, due to orders for new product offerings in our stimulation and intervention product line. Segment adjusted EBITDA was $5 million, down $1 million from the second quarter due to raw material cost inflation and a less favorable sales mix. The Completions segment designs and manufactures products for the coiled tubing, stimulation and intervention markets.

Production segment revenue was $29 million, a decrease of $1 million, or 3% from the second quarter 2021 driven by lower revenues from desalination process equipment and well-site production equipment, partially offset by higher valve sales into the downstream market. Orders in the third quarter were $33 million, a 6% sequential increase, due to large orders received for desalination process equipment in the third quarter 2021. Segment adjusted EBITDA was negative $2 million, approximately in line with the second quarter 2021. The Production segment manufactures land well site production equipment, desalination process equipment, and a wide range of valves for upstream, midstream and process industry customers.

FET (Forum Energy Technologies) is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution, and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.

Forward Looking Statements and Other Legal Disclosure

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release.

These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the severity and duration of the COVID-19 pandemic and related repercussions resulting from the negative impact on demand for oil and natural gas, the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company's business, and other important factors that could cause actual results to differ materially from those projected as described in the company's filings with the U.S. Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Forum Energy Technologies, Inc.
Condensed consolidated statements of loss
(Unaudited)

	Three months ended
	September 30,						June 30,
(in millions, except per share information)	2021			2020			2021
Revenue	$	141.0		$	103.6		$	137.4
Cost of sales	106.1			90.5			105.2
Gross profit	34.9			13.1			32.2
Operating expenses
Selling, general and administrative expenses	42.3			46.0			42.2
Impairments of intangible assets, property and equipment	—			3.0			—
Loss (gain) on disposal of assets and other	—			1.2			(0.4		)
Total operating expenses	42.3			50.2			41.8
Operating loss	(7.4		)	(37.1		)	(9.6		)
Other expense (income)
Interest expense	7.1			8.5			7.8
Loss (gain) on extinguishment of debt	0.2			(28.7		)	4.2
Deferred loan costs written off	—			0.3			—
Foreign exchange losses (gains) and other, net	(4.0		)	3.3			(1.0		)
Total other (income) expense, net	3.3			(16.6		)	11.0
Loss before income taxes	(10.7		)	(20.5		)	(20.6		)
Income tax expense	0.9			1.1			1.2
Net loss ⁽¹⁾	$	(11.6	)	$	(21.6	)	$	(21.8	)

Weighted average shares outstanding
Basic	5.7			5.6			5.6
Diluted	5.7			5.6			5.6

Loss per share
Basic	$	(2.05	)	$	(3.86	)	$	(3.87	)
Diluted	$	(2.05	)	$	(3.86	)	$	(3.87	)

⁽¹⁾ Refer to Table 1 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Condensed consolidated statements of loss
(Unaudited)

	Nine months ended
	September 30,
(in millions, except per share information)	2021			2020
Revenue	$	392.9		$	399.5
Cost of sales	299.6			351.4
Gross profit	93.3			48.1
Operating expenses
Selling, general and administrative expenses	126.0			154.5
Impairments of intangible assets, property and equipment	—			20.4
Loss (gain) on disposal of assets and other	(1.3		)	0.7
Total operating expenses	124.7			175.6
Operating loss	(31.4		)	(127.5		)
Other expense (income)
Interest expense	24.1			21.6
Foreign exchange gains and other, net	(1.5		)	(1.0		)
Loss (gain) on extinguishment of debt	5.3			(72.5		)
Deferred loan costs written off	—			2.3
Total other (income) expense, net	27.9			(49.6		)
Loss before income taxes	(59.3		)	(77.9		)
Income tax expense (benefit)	3.8			(13.7		)
Net income (loss) ⁽¹⁾	$	(63.1	)	$	(64.2	)

Weighted average shares outstanding
Basic	5.6			5.6
Diluted	5.6			5.6

Loss per share
Basic	$	(11.19	)	$	(11.52	)
Diluted	$	(11.19	)	$	(11.52	)

⁽¹⁾ Refer to Table 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Condensed consolidated balance sheets
(Unaudited)

	September 30,		December 31,
(in millions of dollars)	2021		2020
Assets
Current assets
Cash and cash equivalents	$	50.0	$	128.6
Accounts receivable—trade, net	116.6		80.6
Inventories, net	233.9		251.7
Other current assets	48.8		29.3
Total current assets	449.3		490.2
Property and equipment, net of accumulated depreciation	96.2		113.7
Operating lease assets	26.3		31.5
Intangible assets, net	220.9		240.4
Other long-term assets	7.3		14.1
Total assets	$	800.0	$	889.9
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	1.0	$	1.3
Other current liabilities	164.7		123.6
Total current liabilities	165.7		124.9
Long-term debt, net of current portion	231.1		293.4
Other long-term liabilities	57.1		65.4
Total liabilities	453.9		483.7
Total equity	346.1		406.2
Total liabilities and equity	$	800.0	$	889.9

Forum Energy Technologies, Inc.
Condensed consolidated cash flow information
(Unaudited)
	Nine Months Ended September 30,
(in millions of dollars)	2021			2020
Cash flows from operating activities
Net loss	$	(63.1	)	$	(64.2	)
Depreciation and amortization	32.0			39.1
Impairments of intangible assets, property and equipment	—			20.4
Impairments of operating lease assets	—			14.1
Inventory write down	4.0			19.7
Loss (gain) on extinguishment of debt	5.3			(72.5		)
Other noncash items and changes in working capital	13.7			45.1
Net cash provided by (used in) operating activities	(8.1		)	1.7

Cash flows from investing activities
Capital expenditures for property and equipment	(1.0		)	(1.6		)
Proceeds from sale of business, property and equipment	5.5			3.6
Net cash provided by investing activities	4.5			2.0

Cash flows from financing activities
Borrowings of debt	—			85.0
Repayments of debt	(72.7		)	(113.4		)
Bond exchange early participation payment	—			(3.5		)
Repurchases of stock	(0.4		)	(0.2		)
Deferred financing costs	(1.5		)	(9.4		)
Net cash used in financing activities	(74.6		)	(41.5		)

Effect of exchange rate changes on cash	(0.4		)	(0.1		)
Net decrease in cash, cash equivalents and restricted cash	$	(78.6	)	$	(37.9	)

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)

	As Reported									As Adjusted ⁽³⁾
	Three months ended									Three months ended
(in millions of dollars)	September 30, 2021			September 30, 2020			June 30, 2021			September 30, 2021			September 30, 2020			June 30, 2021
Revenue
Drilling & Downhole	$	63.2		$	43.2		$	61.6		$	63.2		$	43.2		$	61.6
Completions	49.7			19.6			46.5			49.7			19.6			46.5
Production	28.5			40.8			29.3			28.5			40.8			29.3
Eliminations	(0.4		)	—			—			(0.4		)	—			—
Total revenue	$	141.0		$	103.6		$	137.4		$	141.0		$	103.6		$	137.4

Operating income (loss)
Drilling & Downhole	$	4.0		$	(13.2	)	$	2.7		$	5.2		$	(8.4	)	$	3.3
Operating Margin %	6.3		%	(30.6		)%	4.4		%	8.2		%	(19.4		)%	5.4		%
Completions	0.3			(11.9		)	(0.4		)	(0.5		)	(11.4		)	0.5
Operating Margin %	0.6		%	(60.7		)%	(0.9		)%	(1.0		)%	(58.2		)%	1.1		%
Production	(3.4		)	(0.1		)	(4.0		)	(3.1		)	0.6			(3.1		)
Operating Margin %	(11.9		)%	(0.2		)%	(13.7		)%	(10.9		)%	1.5		%	(10.6		)%
Corporate	(8.4		)	(7.7		)	(8.3		)	(6.5		)	(5.0		)	(6.5		)
Total segment operating loss	(7.5		)	(32.9		)	(10.0		)	(4.9		)	(24.2		)	(5.8		)
Other items not in segment operating loss ⁽¹⁾	0.1			(4.2		)	0.4			—			0.1			(0.1		)
Total operating loss	$	(7.4	)	$	(37.1	)	$	(9.6	)	$	(4.9	)	$	(24.1	)	$	(5.9	)
Operating Margin %	(5.2		)%	(35.8		)%	(7.0		)%	(3.5		)%	(23.3		)%	(4.3		)%

EBITDA ⁽²⁾
Drilling & Downhole	$	10.7		$	(13.0	)	$	7.3		$	9.0		$	(3.8	)	$	7.1
EBITDA Margin %	16.9		%	(30.1		)%	11.9		%	14.2		%	(8.8		)%	11.5		%
Completions	6.6			(5.9		)	5.4			5.2			(4.4		)	6.3
EBITDA Margin %	13.3		%	(30.1		)%	11.6		%	10.5		%	(22.4		)%	13.5		%
Production	(2.5		)	(1.1		)	(2.6		)	(2.1		)	2.7			(1.8		)
EBITDA Margin %	(8.8		)%	(2.7		)%	(8.9		)%	(7.4		)%	6.6		%	(6.1		)%
Corporate	(8.3		)	20.4			(12.4		)	(4.9		)	(4.2		)	(5.0		)
Total EBITDA	$	6.5		$	0.4		$	(2.3	)	$	7.2		$	(9.7	)	$	6.6
EBITDA Margin %	4.6		%	0.4		%	(1.7		)%	5.1		%	(9.4		)%	4.8		%


⁽¹⁾ Includes gain/(loss) on disposal of assets, and impairments of intangible assets, property and equipment.
⁽²⁾ The company believes that the presentation of EBITDA is useful to the company's investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
⁽³⁾ Refer to Table 1 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Supplemental schedule - Segment information
(Unaudited)

	As Reported						As Adjusted ⁽³⁾
	Nine months ended						Nine months ended
(in millions of dollars)	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Revenue
Drilling & Downhole	$	173.4		$	167.0		$	173.4		$	167.0
Completions	134.1			88.0			134.1			88.0
Production	85.8			145.0			85.8			145.0
Eliminations	(0.4		)	(0.5		)	(0.4		)	(0.5		)
Total revenue	$	392.9		$	399.5		$	392.9		$	399.5

Operating income (loss)
Drilling & Downhole	$	2.2		$	(26.8	)	$	7.2		$	(15.1	)
Operating Margin %	1.3		%	(16.0		)%	4.2		%	(9.0		)%
Completions	(0.1		)	(47.0		)	(1.4		)	(28.7		)
Operating Margin %	(0.1		)%	(53.4		)%	(1.0		)%	(32.6		)%
Production	(11.3		)	(9.3		)	(9.2		)	(2.3		)
Operating Margin %	(13.2		)%	(6.4		)%	(10.7		)%	(1.6		)%
Corporate	(23.5		)	(23.3		)	(18.7		)	(18.4		)
Total segment operating loss	(32.7		)	(106.4		)	(22.1		)	(64.5		)
Other items not in segment operating loss ⁽¹⁾	1.3			(21.1		)	0.1			0.8
Total operating loss	$	(31.4	)	$	(127.5	)	$	(22.0	)	$	(63.7	)
Operating Margin %	(8.0		)%	(31.9		)%	(5.6		)%	(15.9		)%

EBITDA ⁽²⁾
Drilling & Downhole	$	14.3		$	(19.3	)	$	19.1		$	(0.5	)
EBITDA Margin %	8.2		%	(11.6		)%	11.0		%	(3.6		)%
Completions	18.5			(37.7		)	16.1			(6.9		)
EBITDA Margin %	13.8		%	(42.8		)%	12.0		%	(7.8		)%
Production	(7.3		)	(6.3		)	(5.3		)	5.1
EBITDA Margin %	(8.5		)%	(4.3		)%	(6.2		)%	3.5		%
Corporate	(28.7		)	46.1			(14.1		)	(14.5		)
Total EBITDA	$	(3.2	)	$	(17.2	)	$	15.8		$	(16.8	)
EBITDA Margin %	(0.8		)%	(4.3		)%	4.0		%	(4.2		)%

⁽¹⁾ Includes gain (loss) on disposal of assets, and impairments of intangible assets, property and equipment.
⁽²⁾ The company believes that the presentation of EBITDA is useful to the company's investors because EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, EBITDA is a widely used benchmark in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.
⁽³⁾ Refer to Table 2 for schedule of adjusting items.

Forum Energy Technologies, Inc.
Supplemental schedule - Orders information
(Unaudited)


	Three months ended
(in millions of dollars)	September 30, 2021			September 30, 2020		June 30, 2021
Orders
Drilling & Downhole	$	83.4		$	38.7	$	80.5
Completions	59.6			18.4		47.4
Production	32.8			35.2		30.9
Total orders	$	175.8		$	92.3	$	158.8

Revenue
Drilling & Downhole	$	63.2		$	43.2	$	61.6
Completions	49.7			19.6		46.5
Production	28.5			40.8		29.3
Eliminations	(0.4		)	—		—
Total revenue	$	141.0		$	103.6	$	137.4

Book to bill ratio ⁽¹⁾
Drilling & Downhole	1.32			0.90		1.31
Completions	1.20			0.94		1.02
Production	1.15			0.86		1.05
Total book to bill ratio	1.25			0.89		1.16

⁽¹⁾ The book-to-bill ratio is calculated by dividing the dollar value of orders received in a given period by the revenue earned in that same period. The company believes that this ratio is useful to investors because it provides an indication of whether the demand for our products, in the markets in which the company operates, is strengthening or declining. A ratio of greater than one is indicative of improving market demand, while a ratio of less than one would suggest weakening demand. In addition, the company believes the book-to-bill ratio provides more meaningful insight into future revenues for our business than other measures, such as order backlog, because the majority of the company's products are activity based consumable items or shorter cycle capital equipment, neither of which are typically ordered by customers far in advance.

Forum Energy Technologies, Inc.
Reconciliation of GAAP to non-GAAP financial information
(Unaudited)
Table 1 - Adjusting items

	Three months ended
	September 30, 2021									September 30, 2020									June 30, 2021
(in millions, except per share information)	Operating loss			EBITDA ⁽¹⁾			Net loss			Operating loss			EBITDA ⁽¹⁾			Net loss			Operating loss			EBITDA ⁽¹⁾			Net loss
As reported	$	(7.4	)	$	6.5		$	(11.6	)	$	(37.1	)	$	0.4		$	(21.6	)	$	(9.6	)	$	(2.3	)	$	(21.8	)
% of revenue	(5.2		)%	4.6		%				(35.8		)%	0.4		%				(7.0		)%	(1.7		)%
Restructuring, transaction and other costs	2.5			2.5			2.5			4.0			4.0			4.0			2.6			2.6			2.6
Inventory and other working capital adjustments	—			—			—			1.2			1.2			1.2			1.1			1.1			1.1
Impairments of operating lease assets, intangible assets, property and equipment	—			—			—			7.8			7.8			7.8			—			—			—
Loss (gain) on extinguishment of debt	—			0.2			0.2			—			(28.7		)	(28.7		)	—			4.2			4.2
Deferred loan costs written off	—			—			—			—			0.3			0.3			—			—			—
Loss (gain) on foreign exchange, net⁽²⁾	—			(3.9		)	(3.9		)	—			3.4			3.4			—			(1.0		)	(1.0		)
Stock-based compensation expense	—			1.9			—			—			1.9			—			—			2.0			—
As adjusted ⁽¹⁾	$	(4.9	)	$	7.2		$	(12.8	)	$	(24.1	)	$	(9.7	)	$	(33.6	)	$	(5.9	)	$	6.6		$	(14.9	)
% of revenue	(3.5		)%	5.1		%				(23.3		)%	(9.4		)%				(4.3		)%	4.8		%

Diluted shares outstanding as reported							5.7									5.6									5.6
Diluted shares outstanding as adjusted							5.7									5.6									5.6

Diluted EPS - as reported							$	(2.05	)							$	(3.86	)							$	(3.87	)
Diluted EPS - as adjusted							$	(2.25	)							$	(6.00	)							$	(2.66	)

(1) The company believes that the presentation of EBITDA, adjusted EBITDA, adjusted operating loss, adjusted net loss and adjusted diluted EPS are useful to the company's investors because (i) each of these financial metrics are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results and (ii) EBITDA is an appropriate measure of evaluating the company's operating performance and liquidity that reflects the resources available for strategic opportunities including, among others, investing in the business, strengthening the balance sheet, repurchasing the company's securities and making strategic acquisitions. In addition, these benchmarks are widely used in the investment community. See the attached separate schedule for the reconciliation of GAAP to non-GAAP financial information.

(2) Foreign exchange, net primarily relates to cash and receivables denominated in U.S. dollars by some of our non-U.S. subsidiaries that report in a local currency, and therefore the loss has no economic impact in dollar terms.

Contacts

Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
This email address is being protected from spambots. You need JavaScript enabled to view it.

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: Business Wire; Posted On Nov 04, 2021

iSun’s PALM™ Electric Vehicle Chargers Selected for Wisconsin Charging Installation

Execution of agreement marks iSun’s 4^th installation of its branded EV charging unit in 2021 and first placement in the State of Wisconsin.

WILLISTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, and a provisor of proprietary electric vehicle charging platforms, today announced that its iSun’s PALM™ solar-powered EV charging system has been selected by an undisclosed party (‘The Partner’) for a Wisconsin commercial EV charging installation.

HIGHLIGHTS:

Project anticipated to be the first of several installations of iSun’s Mobility Platform for the Partner
Signifies iSun’s successful expansion into new geographic markets
Marks iSun’s 50th commercial EV charging installation
Illustrates the EV charging platform’s utility, value to commercial customers

The Mobility™ Platform leverages iSun’s experience as one of the largest Solar EPC’s in the US to eliminate barriers to EV adoption. Offered in a grid-tied (PALM™) or stand-alone (ROAM™) configuration that generates and stores its own clean electricity to power electric vehicles (‘EV’s), iSun’s Mobility™ Platform is a highly customizable, modular EV charging solution that can easily be tailored to the needs of any specific project, customer or EV, including Class 8 EV trucks. Equipped with iSun’s proprietary AmpUp™ app and software, iSun Mobility™ Platforms include complimentary support from iSun’s Mobility™ Team, who manage all aspects of the system on the owner’s behalf. The Partner’s configuration accommodates 6 vehicles, and comes equipped with under-canopy LED lighting, 2 EV chargers preloaded with iSun’s proprietary software and comes equipped with the iOS dashboard, enabling complimentary monitoring by iSun’s mobility team. The system is powered by 40 72-cell bi-facial solar modules, and is configured for installation on helical piles, allowing for fast installation and relocation should the need arise.

“Our experience installing and maintaining over 50 EV charging stations gives us a customer-centric view of the challenges associated with EV charging solutions,” commented Jeff Peck, iSun’s Chief Executive Officer. “ROAM™ and PALM™ carports address many of the pain-points often associated with EV charging station ownership, including ease of installation, durability, and ongoing management, maintenance, and support. We’re seeing more interest in Mobility Platforms tailored for class-8 vehicle use, which is promising for the future.”

For more information on purchasing iSun’s Mobility Platform, contact Kyle Keiser at This email address is being protected from spambots. You need JavaScript enabled to view it..

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of

1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

Contacts

IR Contact:
Tyler Barnes
This email address is being protected from spambots. You need JavaScript enabled to view it.
802-289-8141

: Business Wire; Posted On Nov 05, 2021

Ranger Energy Services, Inc. Announces Q3 2021 Results

HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today its results for its fiscal quarter ended September 30, 2021.

– Revenue grew 63% sequentially, primarily the result of wireline acquisitions

– Completed Basic Energy Asset Acquisition (closed October 1st)

– Restructured equity into a single share class and terminated the Tax Receivable Agreement (Q4)

Consolidated Financial Highlights

Quarterly revenues of $81.7 million increased $31.7 million, or 63%, from $50.0 million in Q2. The revenue increase is mostly seen in the Completion and Other Services reporting segment.

Net loss of $9.1 million is consistent with a net loss of $9.1 million in Q2. Net loss was largely driven by increased general and administrative expenses offset by an increase in operating revenues related to the PerfX acquisition.

Adjusted EBITDA⁽¹⁾ of $3.3 million increased $1.3 million from $2.0 million in Q2.

CEO Comments

Stuart Bodden, the Company’s CEO and chairman, stated “It is important to reflect on what the Ranger organization has accomplished over the last 12 months. During the first half of the year, we rebuilt our legacy business from the 2020 trough, rehiring and adding nearly 600 employees. More recently, through the acquisitions of Patriot, PerfX and the Basic assets, we have tripled the size and revenue potential of the Company, building meaningful scale in both our Rigs and Wireline businesses.

We also greatly simplified our capital structure. We refinanced our entire balance sheet, eliminated a potentially burdensome tax receivable agreement and collapsed our equity structure into a single class of stock. In short, Ranger is a very different Company today than it was at the beginning of the year.

We are pleased with what we have accomplished so far in 2021. However, there is still a lot of work to do, particularly with regards to margin improvement and generating sustainable cash flow. Given the strong macro environment, and the early indications from our acquisitions, we are optimistic about our ability to improve margins and to generate meaningful cash flow.

Regarding the Basic asset acquisition, we are making good progress on the integration of Basic into Ranger. During the first month of operating the Basic assets, Ranger had 180 rigs running (67 legacy Ranger and 113 legacy Basic), which easily makes Ranger the largest operator of active well servicing rigs. We also purchased coiled tubing and nitrogen trucking assets in Colorado, a P&A business in Wyoming, and a large rental and fishing tool business as part of the Basic asset purchase. We are currently evaluating the earnings potential of these businesses and will, in the coming months, lay out our longer-term strategic intent as it relates to these businesses.

Regarding asset sales, to date most of our time has been spent inventorying the assets we purchased. However, we have already sold one physical property for $0.7 million and we expect a number of light duty vehicle and rig engine and transmission core sales before the end of the year. We will also continue selling physical properties as we consolidate yards.

Finally, we began demolishing acquired Basic rigs this week. An initial “scrap list” of approximately 100 rigs has already been identified, and we expect approximately 75 rigs to be parted out and cut up for scrap before the end of the year. There will be additional rigs to rationalize beyond the initial 100, so we expect to continue taking rigs out of the market well into next year.

Overall, we are excited about our recent acquisitions, our market position, and the macro outlook. We are now seeing more embedded opportunity within the Basic assets than originally contemplated. With regard to future acquisitions, we will continue to be disciplined in our approach. Given our new scale, we will only pursue acquisitions with both compelling economics and a strong strategic fit.”

Business Segment Financial Results

High Specification Rigs

High Specification Rigs segment revenue increased by $0.9 million to $29.9 million in Q3 from $29.0 million in Q2 2021. The rig hours decreased to 51,200 hours in Q3 from 51,900 hours in Q2. The decrease in rig hours was offset by a increase of $18, or 3%, in the hourly average rig rate to $584 in Q3 from $566 in Q2.

Operating income increased by $0.4 million to $0.7 million in Q3 from $0.3 million in Q2. Adjusted EBITDA decreased 4%, or $0.2 million, to $4.8 million in Q3 from $5.0 million in Q2. The increase in operating income was driven by decreased depreciation expense. The decrease in Adjusted EBITDA was due to decreased gross profit margins.

Completion and Other Services

Completion and Other Services segment revenue increased by $31.0 million to $50.8 million in Q3 from $19.8 million in Q2 2021. The increase was primarily attributable to the wireline business, which includes a full quarter of Patriot revenue of $5.7 million and a partial quarter of PerfX revenue of $27.9 million.

Operating loss decreased $0.7 million to a loss of $1.2 million in Q3 from a loss of $1.9 million in Q2. Adjusted EBITDA increased 300%, or $1.8 million, to $2.4 million in Q3 from $0.6 million in Q2. The decrease in operating loss and increase in Adjusted EBITDA was driven by increased profit margins primarily attributable to our wireline business.

Processing Solutions

Processing Solutions segment revenue decreased by $0.2 million to $1.0 million in Q3 from $1.2 million in Q2 2021. The decrease in revenue was due to a decrease in rental services.

Operating loss decreased $0.3 million to a loss of $0.1 million in Q3 from a loss of $0.4 million in Q2. Adjusted EBITDA increased 67%, or $0.2 million, to $0.5 million in Q3 from $0.3 million in Q2. The decrease in operating loss and increase in Adjusted EBITDA was driven by increased gross profit margins.

Liquidity

We ended the quarter with $10.6 million of liquidity, consisting of $7.8 million of capacity available on our revolving credit facility and $2.8 million of cash. The Q3 cash ending balance of $2.8 million compares to $3.4 million at the end of Q2 2021. Currently, our liquidity balance is approximately $27.7 million.

Debt

We ended Q3 with aggregate net debt of $70.1 million, an increase of $30.2 million, as compared to $39.9 million at the end of Q2. Of the increase, $10.9 million was new debt taken on in conjunction with the PerfX acquisition. The majority of the remaining $19.4 million increase reflects incremental revolver draw and is primarily attributable to the working capital needs of our newly acquired wireline businesses.

We ended Q3 with aggregate adjusted net debt⁽¹⁾ of $57.3 million, an increase of $30.3 million, as compared to $27.0 million at the end of Q2.

We had an outstanding balance on our revolving credit facility of $29.7 million at the end of Q3 compared to $9.7 million at the end of Q2. During the quarter, we borrowed $54.1 million under the credit facility, which was partially offset by aggregate payments of $34.1 million on the principal balance.

We had an outstanding balance on our term debt of $12.7 million at the end of Q2 and we made aggregate payments of $12.7 million during Q3 to extinguish the term debt. During Q3, we received funds of $12.5 million upon the closing of the Eclipse M&E Term Loan and utilized the borrowings, in part, to extinguish the term debt.

Conference Call

The Company will host a conference call to discuss its Q3 2021 results on November 5, 2021 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To join the conference call from within the United States, participants may dial 1-833-255-2829. To join the conference call from outside of the United States, participants may dial 1-412-902-6710. When instructed, please ask the operator to join the Ranger Energy Services, Inc. call. Participants are encouraged to login to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website, http://www.rangerenergy.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing 1-877-344-7529 within the United States or 1-412-317-0088 outside of the United States. The conference call replay access code is 10161479. The replay will also be available in the Investor Resources section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Ranger Energy Services, Inc.

Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Ranger also provides services necessary to bring and maintain a well on production. The Processing Solutions segment engages in the rental, installation, commissioning, start-up, operation and maintenance of MRUs, Natural Gas Liquid stabilizer and storage units and related equipment.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our filings with the Securities and Exchange Commission. The risk factors and other factors noted in Ranger’s filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement.

⁽¹⁾“Adjusted EBITDA” and “Adjusted Net Debt” are not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can also be found on the Company's website at: www.rangerenergy.com.

RANGER ENERGY SERVICES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except share and per share amounts)

	Three Months Ended
	September 30, 2021			June 30, 2021
Revenues
High specification rigs	$	29.9		$	29.0
Completion and other services	50.8			19.8
Processing solutions	1.0			1.2
Total revenues	81.7			50.0

Operating expenses
Cost of services (exclusive of depreciation and amortization):
High specification rigs	25.1			24.0
Completion and other services	48.4			19.2
Processing solutions	0.5			0.9
Total cost of services	74.0			44.1
General and administrative	7.1			6.2
Depreciation and amortization	8.7			8.2
Total operating expenses	89.8			58.5

Operating loss	(8.1		)	(8.5		)

Other expenses
Interest expense, net	1.2			0.7
Total other expenses	1.2			0.7

Loss before income tax expense	(9.3		)	(9.2		)
Tax (benefit) expense	(0.2		)	(0.1		)
Net loss	(9.1		)	(9.1		)
Less: Net loss attributable to non-controlling interests	(3.5		)	(3.5		)
Net loss attributable to Ranger Energy Services, Inc.	$	(5.6	)	$	(5.6	)

Loss per common share
Basic	$	(0.51	)	$	(0.59	)
Diluted	$	(0.51	)	$	(0.59	)
Weighted average common shares outstanding
Basic	11,011,864			9,523,127
Diluted	11,011,864			9,523,127

RANGER ENERGY SERVICES, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share amounts)

	September 30, 2021			December 31, 2020
Assets
Cash and cash equivalents	$	2.8		$	2.8
Restricted cash ⁽¹⁾	42.0			—
Accounts receivable, net	57.6			25.9
Contract assets	7.8			1.1
Inventory	2.8			2.3
Prepaid expenses	12.5			3.6
Total current assets	125.5			35.7

Property and equipment, net	196.8			189.4
Intangible assets, net	8.0			8.5
Operating leases, right-of-use assets	7.2			5.8
Other assets	1.4			1.2
Total assets	$	338.9		$	240.6

Liabilities and Stockholders' Equity
Accounts payable	8.7			10.5
Accrued expenses	32.9			9.3
Other financing liability, current portion	2.3			—
Long-term debt, current portion	35.0			10.0
Other current liabilities ⁽¹⁾	45.9			3.2
Total current liabilities	124.8			33.0

Operating leases, right-of-use obligations	5.9			5.2
Other financing liability	12.7			—
Long-term debt, net	16.3			14.5
Other long-term liabilities	3.3			3.1
Total liabilities	$	163.0		$	55.8

Commitments and contingencies

Stockholders' equity
Preferred stock, $0.01 per share; 50,000,000 shares authorized; no shares issued or outstanding as of September 30, 2021 and December 31, 2020	—			—
Class A Common Stock, $0.01 par value, 100,000,000 shares authorized; 11,716,996 shares issued and 11,165,168 shares outstanding as of September 30, 2021; 9,093,743 shares issued and 8,541,915 shares outstanding as of December 31, 2020	0.1			0.1
Class B Common Stock, $0.01 par value, 100,000,000 shares authorized; 6,866,154 shares issued and outstanding as of September 30, 2021 and December 31, 2020	0.1			0.1
Less: Class A Common Stock held in treasury, at cost; 551,828 treasury shares as of September 30, 2021 and December 31, 2020	(3.8		)	(3.8		)
Accumulated deficit	(34.2		)	(18.4		)
Additional paid-in capital	152.2			123.9
Total controlling stockholders' equity	114.4			101.9
Noncontrolling interest	61.5			82.9
Total stockholders' equity	175.9			184.8
Total liabilities and stockholders' equity	$	338.9		$	240.6

(1)

The Company’s restricted cash consisted of cash the Company was contractually obligated to utilize for the purchase of the Basic Energy assets and related transactions costs. The Company completed the Basic Energy Acquisition on October 1, 2021 and included this purchase as a liability in Other current liabilities.

RANGER ENERGY SERVICES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (in millions)

	Nine Months Ended
	September 30, 2021
Cash Flows from Operating Activities
Net loss	$	(26.5	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	24.9
Equity based compensation	2.1
Loss on debt retirement	0.2
Other costs, net	1.2
Changes in operating assets and liabilities, net effects of business combinations
Accounts receivable	(24.5		)
Contract assets	(6.7		)
Inventory	2.5
Prepaid expenses	(6.7		)
Other assets	(0.6		)
Accounts payable	(7.8		)
Accrued expenses	23.8
Other current liabilities	40.2
Operating lease, right-of-use obligations	1.1
Other long-term liabilities	0.2
Net cash provided by operating activities	23.4

Cash Flows from Investing Activities
Purchase of property and equipment	(3.9		)
Proceeds from disposal of property and equipment	0.4
Purchase of businesses, net of cash received	(2.4		)
Net cash used in investing activities	(5.9		)

Cash Flows from Financing Activities
Borrowings under Credit Facility	74.7
Principal payments on Credit Facility	(52.5		)
Borrowings under Eclipse M&E	12.5
Deferred financing costs on Eclipse	(2.4		)
Principal payments on Secured Promissory Note	(0.6		)
Principal payments on Encina Master Financing Agreement	(17.7		)
Payments on Installment Purchases	(0.4		)
Proceeds from financing of sale-leasebacks	15.6
Principal payments on financing lease obligations	(3.7		)
Shares withheld on equity transactions	(1.0		)
Net cash provided by financing activities	24.5

Increase in cash, cash equivalents and restricted cash	42.0
Cash, cash equivalents and restricted cash, Beginning of Period	2.8
Cash, cash equivalents and restricted cash, End of Period	44.8

Supplemental Cash Flow Information
Interest paid	$	1.3
Supplemental Disclosure of Non-cash Investing and Financing Activities
Capital expenditures	$	(0.1	)
Additions to fixed assets through installment purchases and financing leases	$	(2.5	)
Issuance of Class A Common Stock for acquisition	$	(16.4	)
Secured Promissory Note	$	(11.4	)

RANGER ENERGY SERVICES, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

The Company utilizes certain non-GAAP financial measures that management believes to be insightful in understanding the Company’s financial results. These financial measures, which include Adjusted EBITDA and Adjusted Net Debt, should not be construed as being more important than, or as an alternative for, comparable U.S. GAAP financial measures. Detailed reconciliations of these Non-GAAP financial measures to comparable U.S. GAAP financial measures have been included below and are available in the Investor Relations sections of our website at www.rangerenergy.com. Our presentation of Adjusted EBITDA and Adjusted Net Debt should not be construed as an indication that our results will be unaffected by the items excluded from the reconciliations. Our computations of these Non-GAAP financial measures may not be identical to other similarly titled measures of other companies.

Adjusted EBITDA

We believe Adjusted EBITDA is a useful performance measure because it allows for an effective evaluation of our operating performance when compared to our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income or loss in arriving at Adjusted EBITDA because these amounts can vary substantially within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA.

We define Adjusted EBITDA as net income or loss before net interest expense, income tax provision or benefit, depreciation and amortization, equity‑based compensation, acquisition-related, severance and reorganization costs, gain or loss on disposal of assets, and certain other non-cash and certain items that we do not view as indicative of our ongoing performance.

The following tables are a reconciliation of net income or loss to Adjusted EBITDA for the three months ended September 30, 2021 and June 30, 2021, in millions:

	Three Months Ended September 30, 2021
	High Specification Rigs		Completion and Other Services			Processing Solutions			Other			Total
	(in millions)
Net income (loss)	$	0.7	$	(1.2	)	$	(0.1	)	$	(8.5	)	$	(9.1	)
Interest expense, net	—		—			—			1.2			1.2
Tax expense	—		—			—			(0.2		)	(0.2		)
Depreciation and amortization	4.1		3.6			0.6			0.4			8.7
EBITDA	4.8		2.4			0.5			(7.1		)	0.6
Equity based compensation	—		—			—			0.3			0.3
Loss on retirement of debt	—		—			—			0.2			0.2
Severance and reorganization costs	—		—			—			0.5			0.5
Acquisition related costs	—		—			—			0.8			0.8
Legal fees and settlements	$	—	$	—		$	—		$	0.9		$	0.9
Adjusted EBITDA	$	4.8	$	2.4		$	0.5		$	(4.4	)	$	3.3

	Three Months Ended June 30, 2021
	High Specification Rigs		Completion and Other Services			Processing Solutions			Other			Total
	(in millions)
Net income (loss)	$	0.3	$	(1.9	)	$	(0.4	)	$	(7.1	)	$	(9.1	)
Interest expense, net	—		—			—			0.7			0.7
Tax expense	—		—			—			(0.1		)	(0.1		)
Depreciation and amortization	4.7		2.5			0.7			0.3			8.2
EBITDA	5.0		0.6			0.3			(6.2		)	(0.3		)
Equity based compensation	—		—			—			0.9			0.9
(Gain) loss on disposal of property and equipment	—		—			—			0.5			0.5
Severance and reorganization costs	—		—			—			0.3			0.3
Acquisition related costs	—		—			—			0.6			0.6
Adjusted EBITDA	$	5.0	$	0.6		$	0.3		$	(3.9	)	$	2.0

Net Debt and Adjusted Net Debt

We believe Net Debt and Adjusted Net Debt are useful performance measures of liquidity, financial health and provides an indication of our leverage. We define Net Debt as current and long-term debt, finance leases, other financing obligations, offset by cash and cash equivalents. We define Adjusted Net Debt as Net Debt, less a facility financing lease, to be analogous to the calculation of certain financial covenants. All debt and other obligations present the principal balances outstanding as of the respective periods.

The following tables are a reconciliation of consolidated debt and cash and cash equivalents to Net Debt and Adjusted Net Debt as of September 30, 2021 and June 30, 2021:

	September 30, 2021		June 30, 2021		Change
	(in millions)
Debt and Other Obligations
Credit facility	$	29.7	$	9.7	$	20.0
Eclipse M&E Loan	12.5		—		12.5
Secured Promissory Note	10.7		—		10.7
Installment purchases	1.1		1.0		0.1
Other financing liabilities	15.3		16.0		(0.7		)
Finance lease obligations	3.6		3.9		(0.3		)
Encina Master Financing Agreement	—		12.7		(12.7		)
Less:
Cash and cash equivalents	2.8		3.4		(0.6		)
Net Debt	70.1		39.9		30.2
Less: Facility financing lease	12.8		12.9		(0.1		)
Adjusted Net Debt	$	57.3	$	27.0	$	30.3

Contacts

J. Brandon Blossman
Chief Financial Officer
(713) 935-8900
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Nov 04, 2021

Global Offshore AUV and ROV Market Report 2021-2026: Rising Use of ROVs in Search & Rescue, Marine Biology, Military, Oil and Gas, Submerged Infrastructure, and Aquaculture - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Offshore AUV and ROV - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Offshore AUV and ROV Market to Reach $7.2 Billion by 2026

The global market for Offshore AUV and ROV estimated at US$3.3 Billion in the year 2020, is projected to reach a revised size of US$7.2 Billion by 2026, growing at a CAGR of 14.3% over the analysis period.

ROV, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the AUV segment is readjusted to a revised 16.4% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Offshore AUV and ROV market.

The rising use of ROVs in a variety of industries, including search & rescue, marine biology, military, oil and gas, submerged infrastructure, and aquaculture, as well as advancements in ROV technology, is anticipated to drive growth in the segment. The need for big AUVs for military and defense applications, as well as oil and gas exploration, is driving the expansion of the AUV market segment.

Offshore AUVs are utilized extensively for mapping seafloor by surveying the platforms or to distinguish the chemical, biological, or physical properties of the water. Remotely Operated Vehicles (ROVs) have become more important in the offshore sector of the oil and gas industry for subsea construction and drilling support to allow deep-water exploration and development projects throughout the world.

From decommissioning projects to exploration drilling, ROVs are widely used in the offshore sector. End-users are increasingly adopting AUV and ROV as a result of the high utilization of fossil fuels. The ever-increasing need for hydrocarbons has prompted corporations to concentrate their efforts on offshore drilling to boost green energy.

In recent years, the importance of AUVs in researching seafloors before the installation of subsea infrastructure has driven demand for AUVs. Incorporating technologies like sensor-based steering and intelligent control systems are also expected to contribute to market growth.

The U.S. Market is Estimated at $597.6 Million in 2021, While China is Forecast to Reach $522.3 Million by 2026

The Offshore AUV and ROV market in the U.S. is estimated at US$597.6 Million in the year 2021. The country currently accounts for a 16.7% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$522.3 Million in the year 2026 trailing a CAGR of 13.7% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.8% and 11.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.3% CAGR while Rest of European market (as defined in the study) will reach US$605.1 Million by the end of the analysis period.

The rising usage of ROV & AUV in the oil and gas industries has been instrumental in the growth of the offshore ROV and AUV market in the Middle East, the largest regional market. Another factor boosting the market in the area is the growing global demand for oil and gas-based goods.

Presence of several oil-producing countries in the Middle East and Latin America is a key factor for large markets of offshore ROV and AUV in these regions. North America is another key market, due to growing number of oil & gas projects, particularly in the United States and Mexico.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
Amidst the COVID-19 Outbreak, Oil & Gas Sector Confronts Challenging Times
Defense Cuts amid COVID-19 Crisis Slows Down the Demand for Offshore AUVs and ROVs in 2020
An Introduction to Offshore AUV & ROV
Autonomous Underwater Vehicle (AUV)
Remotely Operated Vehicles (ROV)
Global Market Prospects & Outlook
Analysis by Product
Analysis by Application
Competitive Scenario
Recent Market Activity

2. FOCUS ON SELECT PLAYERS (Total 48 Featured)

AtlasElektronikGmbh
Deep Ocean Engineering, Inc.
Deep Ocean Group
DOF Subsea AS
Fugro NV
General Dynamics Mission Systems, Inc.
Helix Energy Solutions Group
Houston Mechatronics Inc.
Kongsberg Maritime AS
Oceaneering International, Inc.
SAAB AB
Saipem SpA
Subsea 7 S.A.
Teledyne Technologies Incorporated

3. MARKET TRENDS & DRIVERS

Established Role in Defense Applications Sustains Market Momentum
Fast Evolving Role of Unmanned Vessels in Military Applications to Drive Market Expansion
Critical Importance of UAVs & ROVs in Oil & Gas Sector Augurs Well
Sluggish Tide in Oil & Gas Sector Niggles Market Momentum
Scientific Research: High Growth Vertical
UAVs & ROVs Seek Role in Commercial Diving Applications
Rise of Environmental Monitoring as Mainstream Concept Enthuses Market
Hydrography Survey Made Easier with UAVs and ROVs
Rising Emphasis on Marine Biotechnology Bodes Well
Technology Advancements & Innovations Widen the Addressable Market
Engineered Plastics Enhance Performance of ROVs & UAVs

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/neszmf

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: Business Wire; Posted On Nov 04, 2021

Lightning eMotors Develops Largest Battery All-Electric Double-Decker Motor Coach Available

Lightning eMotors to deploy massive people mover for All Aboard America! Holdings
Double decker bus powered by an unprecedented 640 kWh battery capacity and an estimated 200+ mile range
Repowering existing double decker coaches seen as cost-effective, eco-friendly solution compared with a new purchase
All-electric motor coaches becoming go-to-choice for corporate campus, university and stadium transportation

LOVELAND, Colo.--(BUSINESS WIRE)--$ZEV #commercialevs--Lightning eMotors (NYSE: ZEV), a leading provider of all-electric powertrains and medium-duty and specialty commercial electric fleet vehicles, and ABC Companies, a leading provider of motor coach, transit and specialty passenger transport equipment, announced today the sale of the largest battery electric double decker motor coach to All Aboard America! Holdings, the fourth largest motor coach operator in the U.S.

The first delivery to Lux Bus America in Anaheim, CA will be a Van Hool TD925 repowered double-decker electrified by Lightning eMotors from diesel to all-electric. It touts a 640 kWh battery capacity, the largest known to exist for a vehicle of its type, an estimated range of over 200 miles, and a charge time of under six hours with a 150 kW DC fast charger. The coach has a seating capacity of 70 people.

“There are nearly 35,000 diesel motor coaches on the road in the U.S. today, and the vast majority of them are ideal candidates for electrification,” Kash Sethi, Chief Revenue Officer of Lightning eMotors, said. “Electrifying these existing diesel vehicles has a strong financial and environmental business case. It keeps the chassis and premium bus body out of the scrapyard and enables the move to zero-emissions with a dramatically lower cost than buying a new motor coach, diesel or electric.”

Lightning worked with their motor coach dealer-partner ABC Companies to deliver a single deck motor coach to All Aboard America! in Mesa, AZ in January of 2021 and to develop the double decker.

“We are thrilled to have had the chance to partner with Lightning eMotors on this important project,” said Roman Cornell, President and Chief Commercial Officer of ABC Companies. “The first repowered motor coach that Lightning delivered has performed superbly while meeting range, noise and performance targets to seamlessly integrate within transitioning fleets of new electric and existing combustion-powered coaches.”

With the elimination of emissions and the quiet ride, both single-deck and double decker motor coaches are an ideal solution for transporting employees to and from large corporate campuses. From global corporations to local universities, eliminating many privately operated vehicles on the road with a zero-emissions motor coach has a significant impact on the quality of life for those institutions and the communities on the commuter routes.

“As large corporate campuses begin to open up after COVID-19, we are seeing an increased interest in zero-emission employee transportation,” said Bill Trimarco, CEO of All Aboard America! Holdings. “Not only do electric buses provide an attractive total cost of ownership, but the clean, quiet ride makes them perfect for employees or students that want to collaborate or do other work while commuting to or across corporate campuses.”

“We are honored to partner with Bill and All Aboard America! I am excited to see the expressions on riders’ faces when they first experience this coach—the ride is simply amazing, and not having to idle while waiting is game-changing,” said Tim Reeser, CEO of Lightning eMotors. “In addition, as we work more with corporate and college campuses, we see an opportunity to take our drive-by-wire technology to the next level and fully autonomize it for campus operation.”

The first Lightning eMotors electrified double-decker coach is scheduled to be delivered and deployed later this month.

ABOUT LIGHTNING eMOTORS

Lightning eMotors, (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors’ team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.

ABOUT ABC COMPANIES

ABC Companies is a leading provider to the transportation industry with diverse product and service offerings that cover a full spectrum of operational needs including new and pre-owned full-size highway coach equipment along with transit specialty vehicles including battery electric vehicles. ABC supports customers with a comprehensive after sale service network for service and repairs, collision services, extensive OEM and quality aftermarket parts needs for transit, motor coach and heavy-duty equipment from ten strategically placed locations throughout the U.S. and Canada. Additionally, private and municipal financing and leasing options are available through the company’s financial services group – one of the largest financial service providers within the industry. For more information, contact ABC Companies at 800-222-2875 or visit the company web site at www.abc-companies.com.

ABOUT ALL ABOARD AMERICA! HOLDINGS, Inc.

All Aboard America Holdings is the fourth largest motorcoach operator in the United States with operations spanning California to the Gulf Coast. Every day, we have more than 1,000 vehicles on the road carrying thousands of passengers and serving groups large and small for employee shuttles, student transportation, government contracts, military transportation and local charters. We are a national provider comprised of six individual, market-leading brands with a strong commitment to our local communities and our people. We are proud of our shared culture and passion for safety, service and quality, and we know that it is our commitment to safety and our geographic footprint that brings an unmatched level of comfort to our customers. To learn more, visit www.aaahinc.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding the anticipated product launch for All Aboard America! Holdings, Inc., whether the increase in purchase will be sustainable or the catalyst for campus, stadium, university or other similar entities to accelerate their adoption of commercial electric buses, the potential impact on Lightning eMotors’ costs and demand for its products, the expected delivery date for the new electric commercial buses and statements regarding Lightning eMotors product and customer developments, its expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the future revenues and expenses and the business plans of Lightning eMotors’ management team. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of Lightning eMotors in light of their respective experience and perception of historical trends, current conditions and expected future developments and their potential effects on Lightning eMotors as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Lightning eMotors will be those anticipated. These forward-looking statements contained in this press release are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and other factors include, but are not limited to: (i) the actual number of zero-emission commercial buses purchased pursuant to the agreement and the actual revenue generated thereunder, (ii) those related to our operations and business and financial performance; (iii) our ability to deliver the products and services under the agreement on the expected timetable; (iv) the success of our customers’ development programs which will drive future revenues; (v) our ability to execute on our business strategy and grow demand for our products and our revenue; (vi) the potential impact on our costs; (vii) the potential severity, magnitude and duration of the COVID-19 pandemic as it affects our business operations, global supply chains, financial results and position and on the U.S. and global economy; (viii) current market conditions and federal, state, and local laws, regulations and government incentives, particularly those related to the commercial electric vehicle market; (ix) the size and growth of the markets in which we operate; (x) the mix of products utilized by the Company’s customers and such customers’ needs for these products; and (xi) market acceptance of new product offerings and whether this will be a catalyst for others to purchase electric vehicles. Moreover, we operate in a competitive and rapidly changing environment, and new risks may emerge from time to time. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts

Media Relations
Nick Bettis
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Investor Relations
Nick Bettis
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: Business Wire; Posted On Nov 04, 2021

SmartMark Communications Named One of Most Influential Companies of 2021

Company Listed in ‘50 Most Influential Companies’ Issue of CIO Bulletin

PHILADELPHIA--(BUSINESS WIRE)--#Innovator--SmartMark Communications, LLC, a leading provider of strategic communications and business innovation solutions announced today that it has been listed by CIO Bulletin as one of 50 Most Influential Companies of 2021. The company is a driving force in the energy and telecom industries, pushing for the adoption of advanced technologies to support customer experience and engagement.

For two decades, SmartMark Communications has been an advocate for collaboration between the telecommunications and energy sectors and the benefits of such collaboration on improved customer experience and innovation. Today the Company provides strategic services for the largest and most influential companies in the world.

“This is an incredible exciting time for our company, as we see great strides in the advancements in network innovation and IoT,” said Juliet Shavit, President and CEO. “For today’s customer, the digital lifestyle begins at home and accompanies consumers on their journey throughout the day in the vehicle and in the community. That said, consumer engagement with technology is as important, seamless, and vital to our well-being as the clothes we put on.”

SmartMark Communications is leading companies in adopting new technology to help advance smart cities, smart homes, and a smarter lifestyle through improved and innovative energy management solutions and creative models for behavior change.

Learn more about how SmartMark Communications is driving innovation, policy, and digital transformation at smartmarkglobal.com.

About SmartMark Communications, LLC

SmartMark Communications has redefined the role of traditional marketing communications companies and uses a blend of industry knowledge and business strategy to help organizations—public, private and not for profit—shape industry. This unique blend of policy, communications and creative expertise is a critical component to successful storytelling. SmartMark’s passionate interest and deep domain expertise in the industries that it serves has allowed it to emerge as a leader in the conversation around innovation, technology adoption and transformation. To learn more visit www.smartmarkglobal.com.

Contacts

Media:
Meredith Salefski
SmartMark Communications, LLC
615-864-7840
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: Business Wire; Posted On Nov 04, 2021

Aspiration Launches Inaugural Climate Action Grants Program, Awarding $100,000 to Ten Grassroots Organizations Championing the Environment

The new grants program seeks to shine a light on recipients that share Aspiration’s mission of working together to save the planet

LOS ANGELES--(BUSINESS WIRE)--Aspiration, the global leader in “Sustainability as a Service” products for consumers and companies, today announced the winners of the first-ever Aspiration Climate Action Grants program, distributing $100,000 to 10 global and domestic grassroots organizations dedicated to nature-based climate action initiatives that protect both people and the planet.

Aspiration opened the program to the community this past August, asking its members to nominate a deserving non-profit dedicated to climate action, which resulted in over 500 entries. Nominations were intentionally inclusive, allowing community members to share stories of impact and help raise funding for grassroots organizations they love. The nominees were then narrowed down to 35 finalists before a diverse panel of judges then selected the final 10 winners. Judging was based upon the criteria that the nominees are verified and registered 501(c)(3)’s, their activities, operations and/or mission includes carbon reduction efforts, and they clearly demonstrate use of nature-based solutions to restore the environment.

The panel of judges included environmentalist drag queen Pattie Gonia / Wyn Wiley; actress and indigenous activist Nathalie Kelley; Future Earth Co-founders Stephanie Shepherd and Mahtab Max Moinian; VICE Media Group SVP of Global News and Special Projects Marsha Cooke; Refinery29 Executive Editor Connie Wang; and Aspiration Head of Sustainability Irfan Kamal.

The following 10 organizations, spread across five different regions -- Global, National (U.S.), East Coast, Midwest, and West Coast -- to ensure equitable distribution, have been awarded the 2021 Aspiration Climate Action Grants:

Honor the Earth (Minneapolis, MN, operates globally)
Rainforest Flow (Peruvian Amazon)
Great Old Broads for Wilderness (Durango, CO, operates nationally)
GRID Alternatives (Oakland, CA, operates nationally)
Land to Learn (Hudson Valley, NY)
GASP (Birmingham, AL)
Plant Chicago (Chicago, IL)
Louisiana Bucket Brigade (New Orleans, LA)
HEAL Utah (Salt Lake City, UT)
Asian Pacific Environmental Network (Oakland, CA)

“The news coming out of COP26 and the U.S. Congress shows us once again that progress in fighting the climate crisis will need to come from bottom up as well as top down,” said Andrei Cherny, Aspiration CEO and co-founder. “These grassroots environmental champions are mobilizing local action and we are pleased to be able to support their efforts.”

“Climate grants are a direct way to give resources to the change makers that deserve them the most,” said Pattie Gonia / Wyn Wiley, panelist and environmentalist drag queen. “I’m excited to see a company I LOVE, Aspiration, give back to the givers. The panel chose winning organizations that represent Native, BIPOC and Queer leadership and are approaching climate work with intersectional solutions. I’m so excited to see the work that the grants will allow funding for!”

Aspiration community members fight climate change every day by divesting deposits from fossil fuels with Aspiration Spend & Save and addressing their personal carbon footprint with the Aspiration Zero credit card. A certified B-Corporation and Member of 1% For The Planet, Aspiration has committed to donating 10% of the fees its customers choose under its Pay What is Fair model. Part of that giving commitment includes the Climate Action Grants, supporting grassroots organizations repairing and rebuilding broken ecosystems, reducing carbon in the atmosphere, and mobilizing for climate justice.

Restoration of the environment should involve everything that makes up our ecosystems, including all of us. Climate and environmental degradation impact is often not felt equally, with BIPOC (Black, Indigenous, and People of Color) disproportionately affected in many ways by environmental destruction and climate change. In the U.S., exposure to fossil fuel particulate matter is responsible for roughly 350,000 deaths each year of people. Therefore, the Climate Action Grants serve to honor the grassroots organizations that are committed to not just the protection and restoration of the planet but the protection of people as well.

Aspiration recently entered into a merger agreement with InterPrivate III Financial Partners Inc. (NYSE: IPVF), a publicly traded special purpose acquisition company, which, upon closing, will result in Aspiration becoming a listed company.

About Aspiration Partners, Inc.

Aspiration is a leading platform to help people and businesses put automated sustainable impact into their hands and integrate it into their daily lives. Aspiration has earned the trust of its more than 5 million members by helping them spend, save, shop, and invest to both "Do Well" and "Do Good." Aspiration Partners, Inc. is a certified B Corp. For more information, visit Aspiration.com or Aspiration.com/business.

The Aspiration Spend & Save Account is offered through Aspiration Financial, LLC (AF), member FINRA//SIPC. The Aspiration Zero credit card is offered by Aspiration Card Services, LLC (ACS). AF and ACS are wholly owned subsidiaries of Aspiration Partners, Inc. (API). API, AF, ACS are unaffiliated with any other named entity unless otherwise stated.

About InterPrivate III Financial Partners Inc.

InterPrivate III Financial Partners Inc., led by Chairman & CEO Ahmed Fattouh, President Nicholaos Krenteras, and Vice Chairman Sunil Kappagoda, is a blank check company whose business purpose is to affect a business combination with one or more businesses in the financial services or fintech sectors. InterPrivate III’s Board of Directors includes globally recognized financial services leaders including: former BankOneChairman, John McCoy; former Lucent and Verifone Chairman, Rich McGinn; Pine Brook founder and former Warburg Pincus Vice Chairman, Howard Newman; and fintech investor Gordy Holterman.

Contacts

Aspiration Investor Relations
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Aspiration Public Relations
Sehrish Sayani
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InterPrivate III Financial Partners Inc.
Investor Relations
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InterPrivate Capital
Charlotte Luer
Investor Relations
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: Business Wire; Posted On Nov 04, 2021

project44 Expands Platform Capabilities with Announcement of “Over-the-Road Rating” Application

New solution centralizes and automates rating processes to remove friction between shippers, 3PLs, and capacity providers

CHICAGO--(BUSINESS WIRE)--With capacity at record lows, project44, the global leader in real-time supply chain visibility, today announced its new Over-the-Road Rating solution, a data-driven product that centralizes information to increase transparency in the rate quote and tendering process. As the impartial connective tissue for supply chain logistics, project44 is uniquely positioned to provide aggregated data and support one-to-many interactions that solve key industry challenges, enabling shippers, 3PLs, and carriers to operate more effectively.

Over-the-Road Rating is a software application that centralizes information on truckload contract and spot market rates so shippers and 3PLs can make smarter buying decisions. Capacity Providers benefit by generating more direct revenue from the 400+ project44 customers in North America. As a one-to-many platform, project44 will never be a broker, but is instead focused on facilitating connectivity and delivering accurate, actionable data to help solve the most critical supply chain challenges.

"As a neutral technology platform and the leader in real-time logistics data, project44 can aggregate highly accurate truckload and spot rate data to increase transparency and automation in the quoting process," said Jett McCandless, founder and CEO of project44. "Over-the-Road Rating is actually an extension of one our first offerings from 2016, LTL Rating, which many customers use and love today. I am proud of our commitment to innovation as we continue to extend our capabilities to help shippers and 3PLs keep freight moving for their customers."

Over-the-Road Rating

Without a unified platform to receive information, shippers, 3PLs, and capacity providers must manage countless emails, spreadsheets, and phone calls to get quotes. Over-the-Road Rating gathers highly accurate quoting data and automates aspects of the rating process. This removes friction between shippers and 3PLs when retrieving a rate quote from capacity providers, creating much needed transparency.

“Organizations everywhere are feeling the strain of capacity shortages in the global supply chain. Over-the-Road Rating extends on project44's core value proposition -- being the data pipes for the supply chain,” said Guillermo Garcia, founder and CEO of SmartHop, a leading AI powered dispatch solution for OTR Trucking. “Exposing this data more broadly helps us automate manual processes in the rating and tendering process and increase transparency with highly accurate quoting data.”

In a single platform, Over-the-Road Rating provides the data visibility and communication channel that shippers, 3PLs, and capacity providers need to streamline and expedite their interactions with one another. On the demand side, shippers and 3PLs can see centralized rating and quoting data and use a single platform to streamline the interactions between shippers and 3PLs with capacity providers. On the supply side, Over-the-Road Rating will enable capacity providers to find loads in their most critical lanes, receive rate requests automatically, and gain richer insight into shipper and demand-side 3PLs buying decisions, all while controlling who sees their rates in the platform.

In its first iteration, Over-the-Road Rating will provide a centralized web interface that helps customers identify truckload capacity within minutes. Over time Over-the-Road Rating will support rating and tender for additional modes of transport in a single, API-based platform that enables one-to-many interactions; all while leveraging project44’s proprietary analytics to help improve confidence in acceptance rates, overall trackability, and service-levels.

Any truckload broker or carrier is invited to use Over-the-Road Rating and there is no technical implementation required. To help Shippers, 3PLs, and Carriers navigate unprecedented supply chain challenges, project44 has made both Over-the-Road Rating and Cooperative free for the remainder of 2021.

To learn more about Over-the-Road Rating or to sign up, click here

About project44

project44 is the world’s leading advanced visibility platform for shippers and logistics service providers. project44 connects, automates, and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. Connected to thousands of carriers worldwide and having comprehensive coverage for all ELD and telematics devices on the market, project44 supports all transportation modes and shipping types, including Air, Parcel, Final-Mile, Less-than-Truckload, Volume Less-than-Truckload, Groupage, Truckload, Rail, Intermodal, and Ocean. In 2021, project44 was named a Leader among Real-Time Transportation Visibility Providers in Gartner’s Magic Quadrant. To learn more, visit project44.com.

Contacts

Media Contact
Charlie Ungashick
Chief Marketing Officer
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: Business Wire; Posted On Nov 04, 2021

The Metals Company Showcases Pilot Nodule Collection Technology at Stakeholder Event Co-Hosted by Allseas

NEW YORK--(BUSINESS WIRE)--The Metals Company (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of the world’s largest estimated undeveloped source of battery metals for electric vehicles (“EVs”), today announced the completion of their event in Rotterdam, Netherlands, ‘Engineering the Future with Allseas,’, co-hosted by the Company’s strategic partner and shareholder, Allseas Group S.A. (“Allseas”). In partnership with TMC, Allseas is developing a deep-sea collection system to responsibly recover polymetallic nodules from the ocean floor and lift them to the surface for transportation to shore.

At the event, key stakeholders were given the opportunity to tour the pilot polymetallic nodule collection vessel, the Hidden Gem, and the facility where the prototype of a nodule collector vehicle is being built. The Hidden Gem is a 228-meter-long former drill ship and is currently undergoing key modifications to enable at-sea deployment through its existing moonpool of a 4.3-kilometer-long riser that would bring polymetallic nodules up from the seafloor. The Hidden Gem is expected to become the world’s first ship classed as a subsea mining vessel by the American Bureau of Shipping. Allseas engineers have also integrated a launch and recovery system for the twelve-meter-long nodule collector vehicle that would enable it to be deployed over the side of the vessel.

Both the Hidden Gem and the nodule collector vehicle are key components of the partnership’s efforts to responsibly recover polymetallic nodules from the ocean floor and lift them to the surface for transportation to shore for processing. Allseas current schedule has the Hidden Gem being deployed in the Clarion Clipperton Zone (CCZ) to undertake collection tests in mid-2022. The estimated in situ resource on the seafloor in the exploration contract areas held by TMC’s subsidiaries is sufficient for 280 million EVs – roughly the entire U.S. passenger vehicle fleet. The development of this resource offers an abundant, low-cost supply of critical raw materials for EV batteries and wiring including nickel, cobalt, copper and manganese, with an expected lower lifecycle ESG impact than conventional land-based mining.

“One of the great opportunities we have in getting this industry started is the conversion of assets from the oil and gas industry, which enables us to reach our milestones with significantly less capital expense,” said Gerard Barron, Chairman and CEO of The Metals Company. “It was an honor to be able to showcase the incredible ingenuity of Allseas engineering for our key stakeholders, to see the collector coming to life and to stand onboard the Hidden Gem and witness her transformation firsthand. The fact that she will be ready for trials next year and for production in what we anticipate will be 2024 is tremendously exciting.”

Edward Heerema, Founder and President of Allseas, said: “We've studied this industry very carefully for many years and when we gained the certainty as engineers that this can work, we really went for it. There is no better solution than the conversion of the Hidden Gem for the first nodule production ship and the development of the collector vehicle and vertical transportation system are currently in a stage that we are very comfortable with."

About The Metals Company

The Metals Company is a Canadian explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone (the “CCZ”) of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga.

More information is available at www.metals.co.

About Allseas

Allseas Group S.A. is a world-leading contractor in offshore pipeline installation, heavy lift and subsea construction. The company employs 2500 people worldwide and operates a versatile fleet of specialised heavy-lift, pipelay and support vessels, designed and developed in-house.

More information about Allseas is available at www.allseas.com

Forward Looking Statements

Certain statements made in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, TMC’s expectations with respect to the readiness of the Hidden Gem and the nodule collector vehicle, the use and functionality of its equipment and its partnership with Allseas and the timing of the pilot nodule collection test trials. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside TMC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: regulatory uncertainties and the impact of government regulation and political instability on TMC’s resource activities; changes to any of the laws, rules, regulations or policies to which TMC is subject; the impact of extensive and costly environmental requirements on TMC’s operations; environmental liabilities; the impact of polymetallic nodule collection on biodiversity in the CCZ and recovery rates of impacted ecosystems; TMC’s ability to develop minerals in sufficient grade or quantities to justify commercial operations; the lack of development of seafloor polymetallic nodule deposit; uncertainty in the estimates for mineral resource calculations from certain contract areas and for the grade and quality of polymetallic nodule deposits; risks associated with natural hazards; uncertainty with respect to the specialized treatment and processing of polymetallic nodules that TMC may recover; risks associated with collective, development and processing operations; fluctuations in transportation costs; testing and manufacturing of equipment; risks associated with TMC’s limited operating history; the impact of the COVID-19 pandemic; risks associated with TMC’s intellectual property; and other risks and uncertainties indicated from time to time in the final prospectus and definitive proxy statement, dated and filed with the SEC on August 12, 2021 relating to the recently completed business combination, including those under “Risk Factors” therein, and in TMC’s other future filings with the SEC. TMC cautions that the foregoing list of factors is not exclusive. TMC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. TMC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Contacts

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: Business Wire; Posted On Nov 04, 2021

Global Organic Rankine Cycle Market Size, Share & Trends Analysis & Research Report 2021 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Organic Rankine Cycle Market Size, Share & Trends Analysis Report By Application (Geothermal, Biomass, Waste Heat Recovery, Solar Thermal), By Region, and Segment Forecasts, 2020-2028" report has been added to ResearchAndMarkets.com's offering.

The global organic rankine cycle market size is expected to reach USD 926.3 million by 2028 and is expected to expand at a CAGR of 20.3% from 2020 to 2028.

The rise in the adoption of renewable energy in countries, such as the U.S., China, Germany, and Canada, is leading to the emergence of supportive regulations and provision of financial incentives for the deployment of renewable energy.

Financial incentives such as feed-in-tariff, subsidies, and tax benefits are some of the major tools utilized by countries around the world to attract investment in the renewable energy sector. These factors are expected to propel the growth of the organic rankine cycle (ORC) market in the near future.

The supply chains of spare parts for ORC systems are majorly affected due to the shutdown of production facilities of the manufacturers. The manufacturing of most components in the energy and power sector is slowing down considerably. In addition, local and international travel restrictions, quarantine requirements, and lockdowns have caused delays in the shipment of already manufactured parts to be supplied to the distributors and end users.

ORC manufacturers usually have access to an adequate supply of critical parts, devices, components, and materials for emergencies. But these companies are facing bottlenecks due to the limited production of supplies in countries severely affected by COVID-19.

The geothermal application segment led the market in 2020. This can be attributed to the large-scale megawatt capacity of these geothermal projects as compared to other application segments, such as biomass, waste heat recovery, and solar thermal. Each of the geothermal projects is usually of the capacity of more than 10 MW, whereas ORC-based projects in other application segments are not always of capacities equivalent to 10 MW and are generally less than 1 to 2 MW.

The ORC market is a concentrated market where major companies such as Ormat, Turboden, and Exergy accounted for more than 75.0% share in the market in 2020. These companies apart from equipment supply are also focusing on providing EPC and long-term maintenance services to enhance their market share further. This factor is expected to help these companies maintain their lead in the market in the forecast period.

Organic Rankine Cycle Market Report Highlights

By application, the geothermal segment held the largest revenue share in 2020. Geothermal projects are usually of higher capacity as compared to biomass and waste heat recovery projects. The growth of the segment is also attributed to the deployment of large-scale geothermal projects in recent years.
In 2020, Europe accounted for the largest revenue share of over 45.0%. The European region has been one of the front runners in implementing favorable policies and support mechanisms for the growth of renewable energy and energy efficiency projects across the globe. This has resulted in making Europe a dominant regional market.
Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, in February 2020, Turboden signed a contract to provide the Meadow Lake Tribal Council (MLTC), Canada with an 8000 kW ORC power generation system, which uses sawmill residual woody biomass as a fuel.

Market Variables, Trends & Scope

Penetration & Growth Prospect Mapping

Industry Value Chain Analysis

Raw material trends
Major Raw material Analysis
Steel
Organic Fluid
Manufacturing Trends
Sales Channel Analysis

Technology Overview

Turbine
Heat Exchangers
Condenser
Feed Pump

Regulatory Framework

Policies and Regulations by Countries
Standard & Compliances
Safety

Market Driver Analysis

Rise in adoption of renewable energy
Longer lifecycle coupled with lower O&M cost

Market Restraint Analysis

Presence of substitutes

Opportunity Assessment

Business Environment Analysis: ORC Market

Industry Analysis - Porter's
PESTEL analysis

Companies Mentioned

Turboden S.p.A
Exergy S.p.A.
Zhejiang Kaishan Compressor Co., Ltd.
Ormat
TAS
Elvosolar, a.s.
General Electric
INTEC GMK
Enogia SAS
Triogen
Calnetix Technologies, LLC
ABB
Sumec Geopower AG
Atlas Copco AB
Orcan Energy AG

For more information about this report visit https://www.researchandmarkets.com/r/y385kj

Contacts

: Business Wire; Posted On Nov 04, 2021

o9 Solutions Platform Enables Vestas to Advance Its Global Supply Chain Management

DALLAS--(BUSINESS WIRE)--o9 Solutions, a leading enterprise AI software platform provider for transforming planning and decision-making, today announced its collaboration with Vestas, a world leader in wind technology, to develop its global supply chain planning capabilities by leveraging the o9 Digital Brain platform.

Vestas is the energy industry’s global partner on sustainable energy solutions and an innovator in wind energy design, manufacturing, and installation. The company services wind turbines in 83 countries across the globe. With the demand for renewable energy sources increasing worldwide, Vestas decided to digitally transform its supply chain with the aim of supporting its global growth and its ability to better navigate disruptions. Vestas selected o9 Solutions to meet these goals.

With o9, Vestas will improve its demand planning and review, supply chain visibility, global and regional Sales & Operations Planning / Sales & Operations Execution. The o9 Digital Brain platform was selected by Vestas due to its ability to leverage modern technology - including the digital twin of the supply chain, big data, AI / ML algorithms, knowledge graphs and the like - to help companies achieve new levels of productivity, speed, and expertise in planning and decision-making. Additionally, o9’s experience in the wind turbine industry played a pivotal role in Vestas’ decision.

“The o9 Digital Brain platform will help us connect people, data and processes, thus enabling faster and better decision making,” said Christophe Mugnier-Pollet, Vice President, Global Supply Chain at Vestas. “The flexibility and scalability of the platform will help us improve our supply chain capabilities and enable us to bring the world sustainable energy solutions to power a bright future.”

“Over the past years, there has been significant growth in demand for renewable energy across the globe,” said Igor Rikalo, President and COO of o9 Solutions. “At the same time, the pandemic has highlighted significant challenges in obtaining a reliable supply of raw materials and parts. As a result, industrial companies such as Vestas increasingly see the need for better supply chain visibility, integrated planning, and capacity allocation to help them better fulfill customer demand. We are happy to support Vestas in its digital transformation journey and to empower them in their mission to bring sustainable energy solutions to the world - a mission we fully support.”

About o9 Solutions, Inc.

o9 Solutions is a leading AI-powered platform for integrated business planning and decision-making for the enterprise. Whether it is driving demand, aligning demand and supply, or optimizing commercial initiatives, any planning process can be made faster and smarter with o9’s AI-powered digital solutions. Bringing together technology innovations—such as graph-based enterprise modelling, big data analytics, advanced algorithms for scenario planning, collaborative portals, easy-to-use interfaces and cloud-based delivery—into one platform. For more information, please visit www.o9solutions.com.

About Vestas

Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 140 GW of wind turbines in 85 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 120 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 29,000 employees are bringing the world sustainable energy solutions to power a bright future.

Contacts

Jennifer Ottum & Evelien van der Wel
PR team o9 Solutions
+31 611737049
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: Business Wire; Posted On Nov 04, 2021

Global Noble Gas Market Review 2021 and Strategic Plan for 2022 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Noble Gas Market Review 2021 and Strategic Plan for 2022 - Insights, Trends, Competition, Growth Opportunities, Market Size, Market Share Data and Analysis Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.

The Noble Gas Market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application and specific developments.

Market Players in the Noble Gas Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence. Mergers and acquisitions to acquire new technologies, strengthen portfolios, and leverage capabilities to remain key strategies of top companies in the Noble Gas Market industry during the outlook period. Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Noble Gas Market amid prevailing tough conditions. The market study provides a comprehensive description of current trends and developments in the Noble Gas Market industry along with a detailed predictive and prescriptive analysis to 2028.

Noble Gas Market Dynamics - COVID Impact and Post COVID Scenario Analysis

The high demand for chemicals and materials essential to fight the pandemic COVID 19 led to a shortage in raw materials for other products despite high prices, thus disrupting the Noble Gas Market supply chain. Companies that are adding capacities aggressively to cater to the short- term COVID-induced demand need to be cautious in analyzing these unprecedented demand patterns. Post pandemic transformations in social, economic, trade, and political conditions with expected reforms in environmental regulations will shape the future of the Noble Gas Market industry from 2021 to 2025. The Noble Gas Market has reported mixed results during the COVID-19 pandemic for different applications and geographies. The research identifies segment-wise implications of the pandemic and offers different case scenarios representing the Noble Gas Market growth prospects to 2028.

Noble Gas Market Insights - Latest Trends, Drivers, Opportunities, and Challenges

Customizing products to cater to a specific application than improvising the product characteristics on a whole has been the emerging trend in the Noble Gas Market. Enterprises should incorporate digitally connected processes and focus on operational efficiency, diversifying supply sources, and cost management to create opportunities in the Noble Gas Market during the forecast period. Uneven recovery in different end markets and geographies is a key challenge in understanding and analyzing the Noble Gas Market landscape.

Noble Gas Market Structure - Competition, Strategies and Company Profiles

While catering to the short-term needs of the market, Noble Gas Market players can address this uncertainty with a clear revision of the product portfolio and a lucid long - term strategy with scenario planning. Investing in innovation, identifying emerging applications, and developing sensible business models to generate sustained growth are the winning strategies in the future Noble Gas Market. The report presents detailed profiles of top companies serving the Noble Gas Market value chain along with their strategies for the near, medium, and long term period.

Noble Gas Market Segmentation - Regional Analysis of different Noble Gas Market Product Types, Applications, and End - Users

Near saturated demand in Europe coupled with comparatively slower momentum in China, after many years of exceptional growth trajectory are limiting the Noble Gas Market demand from these regions. However, the fast-paced recovery of developing nations from the COVID impact is expected to bolster the Noble Gas Market demand.

The research estimates global Noble Gas Market revenues in 2021, considering the Noble Gas Market prices, supply, demand, and trade analysis across regions. A detailed market share, penetration, and shift in demand for different types, applications, and geographies in the Noble Gas Market from 2021 to 2028 is included.

Market Research Scope

Global Noble Gas Market size and growth projections (CAGR), 2021 - 2028
COVID impact on Noble Gas Market industry with future scenarios
Noble Gas Market size, share, and outlook across 5 regions and 16 countries, 2021 - 2028
Noble Gas Market size, CAGR, and Market Share of key products, applications, and end - user verticals, 2021 - 2028
Short and long term Noble Gas Market trends, drivers, restraints, and opportunities
Porter's Five forces analysis, Technological developments in Noble Gas Market, Noble Gas Market supply chain analysis
Noble Gas Market trade analysis, Noble Gas Market price analysis, Noble Gas Market supply/demand
Profiles of 5 leading companies in the industry - overview, key strategies, financials, and products
Latest Noble Gas Market news and developments

For more information about this report visit https://www.researchandmarkets.com/r/nyzeww

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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: Business Wire; Posted On Nov 04, 2021

Archaea Energy Inc. Announces Redemption of All Outstanding Public Warrants

HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea” or the “Company”) (NYSE: LFG) today announced that the Company will redeem all of its publicly held warrants (the “Public Warrants”) to purchase shares of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), that remain outstanding at 5:00 p.m., New York City time, on December 6, 2021 (the “Redemption Date”) for a redemption price of $0.10 per Public Warrant (the “Redemption Price”). The Public Warrants were issued under the Warrant Agreement, dated October 21, 2020 (the “Warrant Agreement”), by and among the Company, LFG Acquisition Holdings LLC and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), as part of the units sold in the Company’s initial public offering (the “IPO”).

In addition, the Company will redeem all of its warrants to purchase shares of Class A Common Stock that were issued to Atlas Point Energy Infrastructure Fund, LLC (the “Forward Purchase Warrants” and, together with the Public Warrants, the “Redeemable Warrants”) in a private placement simultaneously with the consummation of the Company’s business combination on September 15, 2021 (the “Business Combination”) that remain outstanding on the Redemption Date at the Redemption Price.

Under the terms of the Warrant Agreement, the Company is entitled to redeem all 12.1 million outstanding Redeemable Warrants at a redemption price of $0.10 per Redeemable Warrant if the last reported sales price of the Class A Common Stock has been at least $10.00 per share on the trading day prior to the date on which the notice of redemption is given and provided that there is an effective registration statement covering the shares of Class A Common Stock issuable upon exercise of the Redeemable Warrants and a current prospectus relating thereto available throughout the 30-day redemption period. The Company has directed the Warrant Agent to deliver a notice of redemption to each of the registered holders of the outstanding Redeemable Warrants.

Pursuant to the Warrant Agreement, the 6.8 million warrants to purchase Class A Common Stock that were issued in a private placement simultaneously with the IPO are not subject to this redemption as they are still held by the initial holders thereof.

The Redeemable Warrants may be exercised by the holders thereof until 5:00 p.m., New York City time, on the Redemption Date (December 6, 2021) to purchase shares of Class A Common Stock underlying such warrants. Holders may continue to exercise Redeemable Warrants and receive Class A Common Stock in exchange for payment in cash of the $11.50 per warrant exercise price. Alternatively, a holder may elect to exercise their Redeemable Warrants on a “cashless basis” and surrender Redeemable Warrants for a certain number of shares of Class A Common Stock that is determined by reference to the table set forth in Section 6.2 of the Warrant Agreement based on the fair market value of the shares of Class A Common Stock and length of time to the expiration of the Redeemable Warrants. Holders of Redeemable Warrants that elect to exercise on such a cashless basis (instead of paying the $11.50 per warrant cash exercise price) will receive 0.361 shares of Class A Common Stock for each Redeemable Warrant surrendered for exercise. If any holder of Redeemable Warrants would, after taking into account all of such holder’s Redeemable Warrants exercised at one time, be entitled to receive a fractional interest in a share of Class A Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares. The exercise procedures are described in the notice of redemption and the election to purchase included therein.

To minimize dilution to its existing stockholders as a result of warrant exercises, the Company intends to use any cash proceeds received from exercises of its warrants to repurchase shares of Class A Common Stock from Aria Renewable Energy Systems LLC at a price of $17.65 per share. Aria Renewable Energy Systems LLC beneficially owns Class A units of LFG Acquisition Holdings LLC, which are convertible into shares of Class A Common Stock, as a result of the Business Combination. The net result of the redemption of Redeemable Warrants, combined with such repurchase of shares, is a maximum net share count increase of 4.4 million shares associated with the Redeemable Warrants.

Any Redeemable Warrants that remain unexercised at 5:00 p.m., New York City time, on the Redemption Date will be void and no longer exercisable, and the holders of those Redeemable Warrants will be entitled to receive only the redemption price of $0.10 per Redeemable Warrant. Holders of Public Warrants held in “street name” should contact their broker to determine their broker’s procedure for exercising their Public Warrants.

The Company understands from the New York Stock Exchange (the “NYSE”) that December 3, 2021, the trading day prior to the Redemption Date, will be the last day on which the Public Warrants will be traded on the NYSE.

None of the Company, its board of directors or employees has made or is making any representation or recommendation to any holder of the Redeemable Warrants as to whether to exercise or refrain from exercising any Redeemable Warrants.

The shares of Class A Common Stock underlying the Redeemable Warrants have been registered by the Company under the Securities Act of 1933, as amended, and are covered by a Registration Statement on Form S-l (Registration No. 333-260094) filed with, and declared effective by, the Securities and Exchange Commission (the “Registration Statement”).

Questions concerning redemption or exercise of the Redeemable Warrants may be directed to the Company’s redemption information agent, D.F. King & Co., Inc., Attention: Michael Horthman, by calling (800) 848-3410 (or (212) 269-5550 for banks and brokers), or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.. Questions may also be directed to the Warrant Agent, Continental Stock Transfer & Trust Company, at 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, or by calling (212) 509-4000.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of the Company’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Archaea Energy Inc.

Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry leading RNG platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, and lower development costs and time to market, than industry averages. Archaea partners with landfill and farm owners to help them transform their long-lived feedstock sources into RNG and convert their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels in high-carbon emission processes and industries.

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “may,” “might,” “will,” “would,” “could,” “should,” “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions, although not all forward looking statements contain such identifying words. All statements other than historical facts are forward looking statements. Such statements include, but are not limited to, statements concerning the Company’s intended use of proceeds from the exercise of its warrants for cash. Forward looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors.

The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward looking statements include, but are not limited to: (a) the ability to recognize the anticipated benefits of the business combination and any transactions contemplated thereby, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably and retain its management and key employees; (b) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (c) the Company’s ability to develop and operate new projects; (d) the reduction or elimination of government economic incentives to the renewable energy market; (e) delays in acquisition, financing, construction and development of new projects; (f) the length of development cycles for new projects, including the design and construction processes for the Company’s projects; (g) the Company’s ability to identify suitable locations for new projects; (h) the Company’s dependence on landfill operators; (i) existing regulations and changes to regulations and policies that effect the Company’s operations; (j) decline in public acceptance and support of renewable energy development and projects; (k) demand for renewable energy not being sustained; (l) impacts of climate change, changing weather patterns and conditions, and natural disasters; (m) the ability to secure necessary governmental and regulatory approvals; and (n) other risks and uncertainties indicated in the Registration Statement, including those under “Risk Factors” therein, and other documents filed or to be filed with the Securities and Exchange Commission by the Company.

The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward looking statements, which speak only as of the date made. Neither the Company nor Aria Renewable Energy Systems LLC undertakes or accepts any obligation or undertaking to update or revise the forward looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required by law.

Contacts

Investors
Megan Light
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346-439-7589

Media
Katarina Matic
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917-853-1105

: Business Wire; Posted On Nov 04, 2021

V.E, Part of Moody’s ESG Solutions, Provides Second Party Opinion on Ford’s Sustainable Financing Framework

LONDON & PARIS--(BUSINESS WIRE)--V.E, part of Moody’s ESG Solutions, published today a Second Party Opinion (SPO) on Ford’s Sustainable Financing Framework. The framework will govern Ford Motor Company and Ford Credit’s future bond issuances to finance environmental and social projects.

“Bonds issued via Ford’s Sustainable Financing Framework will make an Advanced contribution to sustainability, the highest level on our four-point scale,” said Patrick Mispagel, MD – Sustainable Finance at Moody’s ESG Solutions. “By financing clean transportation projects such as the manufacturing of electric vehicles, Ford’s framework will have a positive impact on the company, its supply chain, and the general public, who stand to benefit from a reduction in air pollution and greenhouse gas emissions.”

In V.E’s opinion, the framework is Aligned with the four core components of the Green Bond Principles 2021 and Social Bond Principles 2021.

The framework is Coherent with Ford’s strategic sustainability priorities, the highest level on V.E’s three-point scale. Ford’s sustainability goals and targets include achieving carbon neutrality by 2050, attaining zero emissions from its vehicles and facilities, and using 100% local renewable electricity in all manufacturing by 2035.

V.E’s SPOs on sustainability credentials help market participants secure financing through sustainable bonds and loans, strengthen issuers’ and projects’ credibility, and give investors confidence. To date, V.E has provided more than 370 SPOs – including award-winning and pioneering missions – on sustainable financing operations in over 30 countries. To learn more, please visit www.moodys.com/sustainable-finance.

V.E’s SPO on Ford’s Sustainable Financing Framework is available here.

ABOUT MOODY’S ESG SOLUTIONS

Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody's Investors Service and Moody's Analytics to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services.

For more information visit Moody’s ESG hub at www.moodys.com/esg.

Contacts

Media inquiries:

Tim Whatmough
VP-Communications
+33 (153) 303-385
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Moody’s ESG Solutions:

Lisa Stanton
MD-Global Sales Lead/ESG
+1 (415) 874-6000
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: Business Wire; Posted On Nov 04, 2021

Primoris Services Corporation Receives Solar Project Award

Estimated Value of $130 Million

DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a solar project award with an estimated value of $130 million. The contract was secured by the Company’s Energy/Renewables Segment.

“This is a significant contract, not just by its size, but for what it says about the strength of our customer relationships,” said Tom McCormick, President and Chief Executive Officer of Primoris. “Being chosen by clients on a repeat basis – in this case for our fourth project – is a real point of pride for our entire team in this partnership. For our renewables team especially, it demonstrates our ability to successfully execute our work.”

The award is for the engineering, procurement and construction of a utility-scale solar facility in the Southwest. Initial project construction will begin in the first quarter of 2022 with completion of the project expected in the fourth quarter of 2022.

ABOUT PRIMORIS
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts

Brook Wootton, Vice President, Investor Relations
Primoris Services Corporation
214-545-6773, This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Nov 04, 2021

MGE Energy Reports Third-Quarter Earnings

MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the third quarter of 2021.

MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2021 were $34.9 million, or $0.97 per share, compared to $31.8 million, or $0.88 per share, for the same period in the prior year.

Our third-quarter results were driven by an increase in investments included in rate base and economic recovery in our service territory.

MGE is investing in new, cost-effective, carbon-free renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base continues to contribute to the increase in electric earnings for 2021. The Two Creeks solar project was completed in November 2020 contributing to increased electric earnings in the third quarter of 2021.

For the quarter, electric retail kilowatt-hour sales increased 2.2 percent compared to the third quarter of 2020. Electricity use by commercial customers was 4.5 percent higher during the third quarter of 2021. Electric residential consumption declined by 3.9 percent.

Depreciation and operations and maintenance costs are expected to increase during the remainder of 2021 after significant capital projects are completed. The new customer information system went live in September 2021. This multiyear capital investment to upgrade internal legacy systems is part of the Enterprise Forward initiative to transform MGE into a digitally integrated utility. Additionally, Badger Hollow I is expected to be completed in the fourth quarter of 2021.

MGE Energy, Inc. (In thousands, except per share amounts) (Unaudited)

		2021		2020
	Three Months Ended September 30,
	Operating Revenues	$	145,873	$	135,211
	Operating Income	$	37,598	$	38,325
	Net Income	$	34,917	$	31,794
	Earnings Per Share - basic	$	0.97	$	0.88
	Earnings Per Share - diluted	$	0.97	$	0.88
	Weighted average shares outstanding - basic		36,163		36,163
	Weighted average shares outstanding - diluted		36,170		36,163

	Nine Months Ended September 30,	2021		2020
	Operating Revenues	$	444,518	$	402,124
	Operating Income	$	100,045	$	91,284
	Net Income	$	92,701	$	76,622
	Earnings Per Share - basic	$	2.56	$	2.16
	Earnings Per Share - diluted	$	2.56	$	2.16
	Weighted average shares outstanding - basic		36,163		35,427
	Weighted average shares outstanding - diluted		36,176		35,427

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include the risks and uncertainties related to the COVID-19 pandemic as well as expenses expected for the remainder of 2021. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission.

Contacts

Steve B. Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Ken Frassetto
Investor Relations
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Nov 04, 2021

Dairy Takes a Leadership Role in Impacting Climate Change as Stonyfield Organic and Cabot Creamery Cooperative Join the Farm Powered Strategic Alliance

Alliance members commit to food waste reduction and repurposing, and decarbonization

BOSTON--(BUSINESS WIRE)--#Cabot--Stonyfield Organic and Cabot are joining forces alongside the Farm Powered Strategic Alliance (FPSA) and Dairy Farmers of America to place dairy as a leader in forging a circular pathway to decarbonization and climate change mitigation. The Alliance, founded in 2020 by Vanguard Renewables, Unilever, Starbucks, and Dairy Farmers of America, aims to accelerate long-term commitments to avoid or eliminate food waste first and repurpose what can’t be eliminated into renewable energy via farm-based anaerobic digesters. The Farm Powered Strategic Alliance has been named one of Fast Company’s 2021 World Changing Ideas.

“These two sustainably minded dairy companies are stepping up to a leadership role in climate change mitigation at a time when the eyes of the world are on the UN Climate Change Summit,” said John Hanselman, Founder and Chief Strategy Officer of Vanguard Renewables. “Each new Alliance member further enables the expansion of this farm-centered program to all major metro areas nationwide. Stonyfield Organic and Cabot now join other dairy brands and manufacturers including the Dairy Farmers of America to regenerate unavoidable waste into value and to help sustain the family farms that supply their milk,” added Hanselman.

Cabot Creamery/Agri-Mark, a Certified B Corporation and dairy cooperative best known for its classic sharp cheddar cheese and butter, has worked with Vanguard Renewables from the beginning and has a longstanding commitment to sustainability. Two of its farm members, Goodrich Farm in Salisbury, Vermont and Barstow’s Longview Farm in Hadley, Massachusetts, host Farm Powered anaerobic digesters. Cabot not only sends inedible organic waste from its manufacturing facilities in Massachusetts and Vermont to those digesters, but the Cooperative also purchases the renewable energy produced from the Farm Powered anaerobic digestion process to power the Massachusetts facility. “Cabot epitomizes the virtuous circle, closing the waste to energy loop by recycling its unavoidable manufacturing waste at an on-farm digester and decarbonizing their thermal energy usage by purchasing farm-derived renewable energy,” said Hanselman.

“It was a logical decision for us to join the Alliance; for any food organization trying to thoughtfully manage their energy footprints, there isn't a reason in the world not to join the FPSA and be a part of a solution," said Jed Davis, Director of Sustainability, Cabot Creamery.

Stonyfield Organic, the nation’s leading organic yogurt and a Certified B Corporation, has pioneered sustainable food production since its founding in 1983. With a long history of environmental leadership, Stonyfield Organic is the first food manufacturer to offset its greenhouse gas emissions from facility energy. In 2019, the brand committed to reduce carbon emissions 30% by 2030 as part of the Science Based Target Initiative. Most recently, Stonyfield also committed to 100% renewable energy supply for its Londonderry, NH manufacturing facility by 2025, 100% renewable electricity for its dairy supply chain by 2025, and a carbon positive dairy supply chain by 2030.

“Healthy food, healthy people, healthy planet, healthy business. Other companies have used these words to describe their purpose, but few were founded on those values – and even fewer have stayed true to them for decades the way we have here at Stonyfield Organic,” said Gary Hirshberg, co-founder and Chief Organic Optimist at Stonyfield Organic. “We’re honored to work collaboratively across the dairy industry to drive further environmental change and protect our resources for generations to come. It’s important for farmers of all sizes and types to have a seat at the table and we’re thrilled for organic to be a part of that,” he added.

The Farm Powered Strategic Alliance, founded in 2020 by Unilever, Starbucks, Dairy Farmers of America, and Vanguard Renewables, is a pre-competitive collaborative movement to boost food waste reduction and recycling, and expand renewable energy production across America. The Alliance offers U.S. food manufacturers and retailers with a circular approach to reducing the detrimental environmental impacts of CO2 emissions and offers a pathway toward a carbon-neutral footprint. Members have the opportunity to recycle unavoidable food and beverage waste on farms where it is combined with farm manure in a Farm Powered anaerobic digester to generate renewable natural gas (RNG). The process also produces a low carbon fertilizer that host farms use to support regenerative agriculture practices and provides the American farmer with a diversified income stream.

Hanselman explains that the potential impact of the Farm Powered Strategic Alliance continues to grow. In the United States, over 40 percent of all food produced is discarded and finding ways to reduce that waste is a priority. Across the country, some unavoidable food waste is still sent to landfills or incinerators, or is land applied, but can be repurposed to produce renewable energy. Organic waste recycling is a solution that addresses compliance with organic waste bans and the Biden Administration’s climate change plan to slash greenhouse gas emissions in half by 2030.

“In the early 2000s, the milk market was crashing, and we needed to diversify to keep our farm alive for the next generation. In partnership with Vanguard Renewables, we added an anaerobic digester to the farm which reduced our carbon footprint and our energy costs. We’re really proud of that decision,” says Dennis Barstow, Marketing and Education Manager, Longview Farm of Hadley, Massachusetts, a Cabot Creamery Cooperative member.

“Everyone talks about impacting climate change, but the Farm Powered Strategic Alliance offers a real pathway to its members and farm partners,” says Hanselman.

About Vanguard Renewables
Vanguard Renewables is a national leader in the development of food and dairy waste-to-renewable energy projects. The Company, based in Wellesley, Massachusetts, is committed to advancing decarbonization by reducing greenhouse gas emissions from farms and food waste and supporting regenerative agriculture best practices on partner farms. In December 2020, Vanguard launched the Farm Powered Strategic Alliance alongside food industry leaders Dairy Farmers of America, Unilever, and Starbucks. The Alliance commits to developing a circular solution for food waste reduction and recycling and decarbonization of manufacturing and the supply chain. Vanguard Renewables owns and operates six anaerobic digester facilities in the northeast and plans to expand to more than 100 sites nationwide by 2025. Vanguard’s established relationships and renewable natural gas offtake agreements with national utilities including Dominion Energy, Enbridge, ONE Gas, National Grid, and Eversource, and its strategic alliance with 14,500-dairy member cooperative, Dairy Farmers of America, position the Company to significantly increase U.S. production and delivery of renewable natural gas to commercial and residential customers across the country. Vanguard received the 2020 Energy Vision Leadership Award. Vanguard’s Farm Powered anaerobic digester at Goodrich Farm in Salisbury, Vermont was recognized with the 2021 Outstanding Dairy Sustainability Award from the Innovation Center for U.S. Dairy. Please visit https://vanguardrenewables.com/fpsa-farm-powered-strategic-alliance/ to learn more.

About Cabot Creamery Cooperative
For over a century, Cabot Creamery Co-operative has made the world’s finest dairy products using only the freshest ingredients. Their award-winning cheeses, yogurts, sour cream, cottage cheese, and butter stand apart because of Cabot farmers’ tireless dedication to quality. From being named the “World’s Best Cheddar,” to becoming the world’s first dairy co-operative to achieve B Corp status, Cabot is owned by dedicated farm families throughout New England and upstate New York. For more information, visit: http://www.cabotcheese.coop.

About Stonyfield Organic
As the country’s leading organic yogurt maker, Stonyfield Organic believes that taking care of organic farmers, cows, and their life's work will produce healthy food, healthy businesses, and a healthy planet. Stonyfield Organic, a Certified B Corp, is also making a difference by helping to protect and preserve the next generation of farmers and families through programs like its Direct Milk Supply and Wolfe’s Neck Organic Training Program as well as #PlayFree, a nationwide, multi-year initiative to help keep families free from toxic persistent pesticides in outdoor spaces across the country.

Contacts

Vanguard Renewables Media Contact
Kelley Devaney, This email address is being protected from spambots. You need JavaScript enabled to view it. (855) 720-2364

Vanguard Renewables Media Room
https://vanguardrenewables.com/vanguard-renewables-media-room

: Business Wire; Posted On Nov 04, 2021

Superior Announces November 2021 Cash Dividend and Upcoming Events

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB):

November 2021 Cash Dividend - $0.06 per share

Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of November 2021 of $0.06 per share payable on December 15, 2021. The record date is November 30, 2021 and the ex-dividend date will be November 29, 2021. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.

Upcoming Release of 2021 Third Quarter Results and Conference Call

Superior expects to release its 2021 third quarter results on Thursday, November 11, 2021 after the close of North American markets. A conference call and webcast to discuss the 2021 third quarter financial results is scheduled for 10:30 AM EST on Friday, November 12, 2021. To participate in the conference call, dial: 1-844-389-8661. Internet users can listen to the call live at: https://edge.media-server.com/mmc/p/c9795pya or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information

This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2020, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.

Contacts

Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587).

: Business Wire; Posted On Nov 04, 2021

Itron Announces Third Quarter 2021 Financial Results

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ:ITRI) announced today financial results for its third quarter ended Sept. 30, 2021. Key results for the quarter include (compared with the third quarter of 2020):

Revenue of $487 million, compared with $540 million;
Gross margin of 27.7%; compared with 26.5%;
GAAP net loss of $(2) million, compared with $(25) million;
GAAP loss per share (EPS) of $(0.04), compared with $(0.63);
Non-GAAP diluted EPS of $0.21, compared with $0.61;
Adjusted EBITDA of $26 million, compared with $40 million;
Free cash flow of $11 million compared with $38 million; and
Total backlog of $3.4 billion, compared with $2.8 billion.

"Despite the current component constraints that gated our third quarter results, we have been diligently executing on our strategy to drive stronger results as macro supply challenges abate," said Tom Deitrich, Itron's president and chief executive officer.

"Since our Investor Day on October 5, 2021, we announced the acquisition of SELC, growing our smart city and smart lighting solutions business. And yesterday, we announced a definitive agreement to sell our European Commercial and Industrial mechanical gas meter business; our gas stations metering and pressure regulation business; and our global gas regulator business. In conjunction with the sale, we have announced a restructuring project that drives reductions in certain locations and functional support areas."

Summary of Third Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)

Revenue
Total third quarter revenue decreased 10% to $487 million, or 11%, excluding the impact of changes in foreign currency exchange rates. The decrease was primarily due to component constraints, which reduced revenue by approximately $100 million.

Device Solutions revenue decreased 14% and Networked Solutions revenue decreased 10% with the majority of the decline due to component constraints in the quarter. Outcomes revenue increased 5%.

Gross Margin
Consolidated company gross margin of 27.7% increased 120 basis points from the prior year, primarily due to favorable product mix.

Operating Expenses and Operating Income
GAAP operating expenses of $131 million decreased $36 million from the prior year, primarily due to lower restructuring expenses. Non-GAAP operating expenses of $119 million increased $5 million from the prior year primarily due to higher sales, general and administrative expenses, which includes higher variable compensation.

GAAP operating income of $4 million was $28 million higher than the prior year primarily due to lower operating expenses. Non-GAAP operating income of $16 million was $13 million lower than last year due to lower revenue and higher variable compensation.

Net Income (loss) and Earnings per Share
The net loss attributable to Itron, Inc. for the quarter was $(2) million, or $(0.04) per diluted share, an improvement from a net loss of $(25) million, or $(0.63) per diluted share in 2020. The improvement was driven by GAAP operating income in 2021 and lower interest expense, partially offset by a higher GAAP tax rate.

Non-GAAP net income, which excludes certain charges including amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, corporate transition cost, acquisition and integration, and the income tax effect of those adjustments, was $9 million, or $0.21 per diluted share, compared with $25 million, or $0.61 per diluted share, in 2020. The lower year over year results were due to lower non-GAAP operating income and a higher non-GAAP effective tax rate due to fewer discrete benefits in the period.

Cash Flow
Net cash provided by operating activities was $18 million in the third quarter compared with $45 million in the same quarter of 2020. Free cash flow was $11 million in the third quarter compared with $38 million in the prior year. The year over year decrease in cash flow was primarily due to reduced non-GAAP EBITDA and lower cash inflows from working capital.

Other Measures

Total backlog was $3.4 billion and 12-month backlog was $1.4 billion, compared with $2.8 billion and $1.1 billion, respectively, in the prior year. Bookings in the quarter totaled $395 million.

Share Repurchase Program

On November 1, 2021, the Board of Directors at Itron authorized a new share repurchase program of up to $100 million of Itron’s common stock over an 18-month period. Repurchases under the program will be made in the open market in accordance with applicable securities laws.

Earnings Conference Call

Itron will host a conference call to discuss the financial results and guidance contained in this release at 10 a.m. EDT on Nov. 4, 2021. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm. A telephone replay of the conference call will be available through Nov. 9, 2021. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 6979258.

About Itron

Itron^® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Cautionary Note Regarding Forward Looking Statements

This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plan, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our 2020 Annual Report and other reports on file with the SEC. We undertake no obligation to update or revise any forward-looking statement, whether written or oral.

The impact caused by the ongoing COVID-19 pandemic includes uncertainty as to the duration, spread, severity, and any resurgence of the COVID-19 pandemic including other factors contributing to infection rates, such as reinfection or mutation of the virus, the effectiveness or widespread availability and application of vaccines, the duration and scope of related government orders and restrictions, impact on overall demand, impact on our customers’ businesses and workforce levels, disruptions of our business and operations, including the impact on our employees, limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers. Our estimates and statements regarding the impact of COVID-19 are made in good faith to provide insight to our current and future operating and financial environment and any of these may materially change due to factors outside our control. For more information on risks associated with the COVID-19 pandemic, please see our risk in Part I, Item 1A: Risk Factors in our 2020 Annual Report.

Non-GAAP Financial Information

To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, adjusted EBITDA margin, constant currency, and free cash flow. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies.

ITRON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Revenues
Product revenues	$	410,947		$	470,658		$	1,265,470		$	1,437,780
Service revenues	76,002			69,526			230,465			210,413
Total revenues	486,949			540,184			1,495,935			1,648,193
Cost of revenues
Product cost of revenues	306,168			358,297			908,923			1,072,271
Service cost of revenues	45,818			38,636			135,130			122,588
Total cost of revenues	351,986			396,933			1,044,053			1,194,859
Gross profit	134,963			143,251			451,882			453,334

Operating expenses
Sales, general and administrative	71,838			64,982			221,974			215,018
Research and development	46,889			46,224			147,379			148,999
Amortization of intangible assets	8,944			11,183			26,914			33,488
Restructuring	958			44,462			(830		)	41,531
Loss on sale of business	2,171			380			28,274			57,295
Total operating expenses	130,800			167,231			423,711			496,331

Operating income (loss)	4,163			(23,980		)	28,171			(42,997		)
Other income (expense)
Interest income	352			354			1,326			2,165
Interest expense	(2,628		)	(10,810		)	(27,107		)	(33,771		)
Other income (expense), net	(1,761		)	(2,607		)	(16,684		)	(3,414		)
Total other income (expense)	(4,037		)	(13,063		)	(42,465		)	(35,020		)

Income (loss) before income taxes	126			(37,043		)	(14,294		)	(78,017		)
Income tax benefit (provision)	(1,136		)	11,985			(5,581		)	(366		)
Net loss	(1,010		)	(25,058		)	(19,875		)	(78,383		)
Net income attributable to noncontrolling interests	859			299			2,514			1,092
Net loss attributable to Itron, Inc.	$	(1,869	)	$	(25,357	)	$	(22,389	)	$	(79,475	)

Net loss per common share - Basic	$	(0.04	)	$	(0.63	)	$	(0.51	)	$	(1.98	)
Net loss per common share - Diluted	$	(0.04	)	$	(0.63	)	$	(0.51	)	$	(1.98	)

Weighted average common shares outstanding - Basic	45,240			40,337			43,983			40,199
Weighted average common shares outstanding - Diluted	45,240			40,337			43,983			40,199

ITRON, INC.
SEGMENT INFORMATION

(Unaudited, in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Product revenues
Device Solutions	$	149,830		$	174,039		$	480,808		$	501,157
Networked Solutions	242,527			282,677			736,397			898,465
Outcomes	18,590			13,942			48,265			38,158
Total Company	$	410,947		$	470,658		$	1,265,470		$	1,437,780

Service revenues
Device Solutions	$	2,404		$	2,089		$	7,174		$	6,415
Networked Solutions	31,971			23,982			91,473			73,519
Outcomes	41,627			43,455			131,818			130,479
Total Company	$	76,002		$	69,526		$	230,465		$	210,413

Total revenues
Device Solutions	$	152,234		$	176,128		$	487,982		$	507,572
Networked Solutions	274,498			306,659			827,870			971,984
Outcomes	60,217			57,397			180,083			168,637
Total Company	$	486,949		$	540,184		$	1,495,935		$	1,648,193

Gross profit
Device Solutions	$	22,480		$	20,528		$	85,228		$	64,843
Networked Solutions	89,915			102,295			298,627			332,368
Outcomes	22,568			20,428			68,027			56,123
Total Company	$	134,963		$	143,251		$	451,882		$	453,334

Operating income (loss)
Device Solutions	$	12,095		$	11,017		$	53,784		$	28,095
Networked Solutions	61,150			71,404			205,071			237,466
Outcomes	11,774			12,044			34,647			29,468
Corporate unallocated	(80,856		)	(118,445		)	(265,331		)	(338,026		)
Total Company	$	4,163		$	(23,980	)	$	28,171		$	(42,997	)

ITRON, INC.
CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)	September 30, 2021			December 31, 2020
ASSETS
Current assets
Cash and cash equivalents	$	188,691		$	206,933
Accounts receivable, net	320,994			369,828
Inventories	175,432			182,377
Other current assets	117,270			171,124
Total current assets	802,387			930,262

Property, plant, and equipment, net	189,748			207,816
Deferred tax assets, net	101,907			76,142
Other long-term assets	41,666			51,656
Operating lease right-of-use assets, net	67,599			76,276
Intangible assets, net	103,763			132,955
Goodwill	1,115,697			1,131,916
Total assets	$	2,422,767		$	2,607,023

LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	188,663		$	215,639
Other current liabilities	74,718			72,591
Wages and benefits payable	99,347			86,249
Taxes payable	13,674			15,804
Current portion of debt	—			18,359
Current portion of warranty	18,089			28,329
Unearned revenue	101,263			112,928
Total current liabilities	495,754			549,899

Long-term debt, net	449,629			902,577
Long-term warranty	16,598			13,061
Pension benefit obligation	114,771			119,457
Deferred tax liabilities, net	1,792			1,921
Operating lease liabilities	59,149			66,823
Other long-term obligations	85,248			113,012
Total liabilities	1,222,941			1,766,750

Equity
Common stock	1,782,060			1,389,419
Accumulated other comprehensive loss, net	(151,739		)	(138,526		)
Accumulated deficit	(456,734		)	(434,345		)
Total Itron, Inc. shareholders' equity	1,173,587			816,548
Noncontrolling interests	26,239			23,725
Total equity	1,199,826			840,273
Total liabilities and equity	$	2,422,767		$	2,607,023

ITRON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)	Nine Months Ended September 30,
	2021			2020
Operating activities
Net loss	$	(19,875	)	$	(78,383	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	64,252			72,306
Non-cash operating lease expense	12,962			15,252
Stock-based compensation	18,251			20,638
Amortization of prepaid debt fees	17,383			3,029
Deferred taxes, net	(5,170		)	(9,439		)
Loss on sale of business	28,274			57,295
Loss on extinguishment of debt	10,000			—
Restructuring, non-cash	951			6,518
Other adjustments, net	3,720			3,856
Changes in operating assets and liabilities, net of sale of business:
Accounts receivable	40,624			82,087
Inventories	2,150			8,978
Other current assets	26,072			(12,862		)
Other long-term assets	5,058			(2,547		)
Accounts payable, other current liabilities, and taxes payable	(27,124		)	(82,775		)
Wages and benefits payable	14,110			(28,446		)
Unearned revenue	(13,158		)	15,098
Warranty	(5,969		)	(10,894		)
Other operating, net	(31,364		)	10,860
Net cash provided by operating activities	141,147			70,571

Investing activities
Net proceeds (payments) related to the sale of business	3,142			(748		)
Acquisitions of property, plant, and equipment	(27,781		)	(36,297		)
Other investing, net	2,820			3,573
Net cash used in investing activities	(21,819		)	(33,472		)

Financing activities
Proceeds from borrowings	460,000			400,000
Payments on debt	(946,094		)	—
Issuance of common stock	4,351			5,059
Proceeds from common stock offering	389,419			—
Proceeds from sale of warrants	45,349			—
Purchases of convertible note hedge contracts	(84,139		)	—
Prepaid debt fees	(12,021		)	(184		)
Other financing, net	6,327			(2,285		)
Net cash (used in) provided by financing activities	(136,808		)	402,590

Effect of foreign exchange rate changes on cash and cash equivalents	(762		)	(3,426		)
Increase (decrease) in cash and cash equivalents	(18,242		)	436,263
Cash and cash equivalents at beginning of period	206,933			149,904
Cash and cash equivalents at end of period	$	188,691		$	586,167

About Non-GAAP Financial Measures

The accompanying press release contains non-GAAP financial measures. To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For more information on these non-GAAP financial measures, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.

We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges, such as acquisition and integration related expenses, loss on sale of business, or restructuring charges. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.

Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. We define non-GAAP operating income as operating income (loss) excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are related to acquisitions and restructuring projects. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and operating income.

Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income (loss) attributable to Itron, Inc.

Contacts

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643

David Means
Director, Investor Relations
(737) 242-8448

Rebecca Hussey
Manager, Investor Relations
(509) 891-3574

Read full story here

: Business Wire; Posted On Nov 04, 2021

Max Midstream Announces Jonathan Novitsky as Its New CEO

Veteran energy industry executive will coordinate Max’s partnership with the Army Corps of Engineers and the Calhoun Port Authority to expand the Matagorda Ship Channel and create a carbon neutral terminal¹

HOUSTON--(BUSINESS WIRE)--Max Midstream today announced Jonathan Novitsky as its new Chief Executive Officer. The announcement was made just days after Max Midstream and the Calhoun Port Authority announced a transformational plan to offset carbon emissions¹ through an Environmental Social Governance (ESG) initiative.

“I’m excited to join Max Midstream as the momentum continues to build for the expanded Matagorda Ship Channel,” Novitsky said. “Not only is this expansion going to be an important addition to the Gulf Coast for all products—including energy—but we can deliver a balanced model that contributes to both economic growth and environmental sustainability, thanks to the carbon offset initiatives we are assessing¹.”

Novitsky joins Max Midstream having previously served as Vice President of Commercial Development for Global Marine Terminals at Buckeye Partners since 2014. A well-respected industry veteran, Novitsky has extensive leadership experience that has demonstrated an ability to advance the company’s growth strategy by leading strong teams around him. Throughout his diverse career, Novitsky has served as Vice President of PetroChina International (America) and as Senior Trading Manager for Chevron Texaco Fuel and Marine Marketing.

“The hiring of Jonathan Novitsky is another step forward for our Company and this significant project at the Calhoun Port Authority,” said Todd Edwards, who has now been promoted to Chairman of Max Midstream. “He is a very accomplished executive and immensely knowledgeable of the energy industry. His invaluable expertise will ensure that this project is successful.”

Launched in 2020, Max Midstream is a Houston-based energy company that is partnering with the Calhoun Port Authority and the US Army Corps of Engineers and investing $360 million to finance the deepening and widening of the port by 2023. Further details on the Company’s ESG program will be released later this Fall.

For more information, visit www.maxmidstream.com

¹ For hydrocarbons through Max Midstream Facilities

Contacts

Kasey S. Pipes
817-542-3870

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